Newcastle has signed a four-year deal with Wonga to make the online loan lender the club’s new shirt sponsor from the start of next season.
Virgin Money will remain as a sponsor of the Premier League team until the end of this season.
Newcastle, which is 10th in England’s top division, says Wonga will invest at least 1.5 million pounds ($2.4 million) in the club’s academy and local enterprise scheme helping teenagers find employment. Fans will also have bigger say in club initiatives.
Newcastle managing director Derek Llambias says “throughout our discussions, Wonga’s desire to help us invest in our young playing talent, the local community and new fan initiatives really impressed us and stood them apart from other candidates.”