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Here's Riot's article on it:
http://na.lolesports.com/articles/riot-games-announces-new-c...
The sponsorship part isn't even the best part about this. It's the sponsored amateur league. This will bring up a lot of new EU and NA teams and will also make the EU and NA pro scene better. The biggest advantage KR has over EU and NA is their strong amateur scene, they have lots of great teams over there and they keep getting better because there are so much possible scrim partners. But in EU and NA there are 8 LCS teams and you can't scrim half of them because you're gonna be playing them the following week and you don't want to reveal any strategies. But with a stronger amateur scene you can just scrim those teams without revealing anything.