Telecoms giant BT has won the rights to exclusively screen all the live Champions League and Europa League matches after a fierce bidding war against rival Sky.
BT Sport will now show all 350 fixtures each season from 2015 after talks with European governing body Uefa.
BT - which is paying £299m a season for the rights - said it had "shaken up" the UK TV Market with its bid.
The purchase is a blow for rival Sky which has shared the rights to champions league football traditionally.
Despite the huge cost to the business, BT said it can incur the near £1bn cost without changing its current financial outlook.
It said the rights should drive additional growth in BT Consumer revenue and profits over the medium-term.
BT said normalised free cash flow is expected to be around £2.3bn in 2013/14, around £2.6bn in 2014/15 and to grow further in 2015/16, meaning despite the costs of buying the rights, its adjusted EBITDA should still be between £6bn-£6.1bn in 2013/14, £6.2bn-£6.3bn in 2014/15 and to grow further in 2015/16.
Gavin Patterson, BT chief executive, said: "I am thrilled BT Sport will be the only place where fans can enjoy all the live action from the UEFA Champions League and UEFA Europa League.
"Both tournaments are world class and firm favourites with many. The live rights will give a major boost to BT Sport and give people yet another reason to take our terrific service."
What made financial headlines over the weekend?
290,000 already affected
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension