Northern Rock has confirmed that it will continue as the main sponsor of Newcastle United and have defended the decision as being in the 'best interests of tax payers'.
The nationalised lender and the Club already have a long-standing relationship and the new four-year contract will commence from the start of the 2010/11 football season.
The value of the deal will range from £1.5 million to a maximum of £10 million, with payments phased over the four years to the end of the 2013/14 season.
However, the agreement will be reviewed after two years and Northern Rock explains that the £10 million will only be realised if Newcastle United is playing in the Premier League for the full contract period.
The bank’s chief executive, Gary Hoffman, says brand awareness and promotion are important elements in the Rock’s continuing development, adding that the sponsorship represents an important community link.
He also reassures: “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.”