Rock renews Newcastle sponsorship

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Newcastle United has signed a new four-year sponsorship deal with Northern Rock worth up to £10m.

The deal will see the nationalised bank remain as Newcastle's main sponsor from season 2010/11 to 2014.

Northern Rock's chief executive Gary Hoffman said the agreement represented a good deal for taxpayers.

The bank, which is based in Newcastle, was taken into public ownership in 2008. It has been the club's shirt sponsor since 2004.

The total value of the contract would vary, Northern Rock said, and will be worth between £1.5m and £10m.

The maximum value of the contract would only be realised if Newcastle - currently a Championship side - play in the Premier League for the whole of the four-year period.

Mr Hoffman said the deal represented "an important community link" and defended the decision to renew the sponsorship deal despite being owned by the government.

"Brand awareness and promotion are important elements in the continuing development of the company," he said.

"We remain mindful of our responsibilities under Government ownership and only consider those advertising and promotion channels that deliver a high return on investment and good strategic fit. "

The bank was split in two at the beginning of 2010 as part of large-scale restructuring.

Newcastle United's managing director Derek Llambias said the deal would help the club achieve its goal of a return to the Premiership next season.