A DEAL between Newcastle United and Virgin Money over the shirt sponsorship of the Premier League club will end a year early.
A DEAL between Newcastle United and Virgin Money over the shirt sponsorship of the Premier League club will end a year early. it was announced yesterday.
The deal will now finish at the end of the current season despite initially being set to conclude at the end of the 2013/14 campaign. It was Newcastle’s decision to exercise a contractual right and bring the two-year deal to an end early, but the Virgin Money name will remain on the black and white shirts for the remainder of this season.
Derek Llambias, Newcastle United’s managing director, said: “We have enjoyed a very successful partnership with Virgin Money which we thank them for.
“However, we have decided to end the agreement early and we will be announcing a new sponsorship partner shortly which represents an excellent commercial deal for both parties.”
Virgin Money confirmed that United had chosen to exercise its contractual right to end the two-year sponsorship deal with the bank.
The agreement allowed either party to terminate the agreement early by giving notice, which the club decided to do.
Jayne-Anne Gadhia, chief executive at Virgin Money, said: “We were delighted to sponsor Newcastle United given the club’s importance to the North East and had hoped that this would be a relationship that would flourish for years to come.
“However, they have found a different option and we have to respect that.
“We remain sponsor until the end of the current season and the Virgin Money name will continue to be worn on the iconic black and white shirts until then.
“We hope it is a really successful season and, of course, we wish the team and fans all the very best for the future, as they strive to build on Newcastle United’s proud heritage.”
Last night, rumours were rife on social networking site Twitter that the new shirt sponsor will also have bought the naming rights for St James’ Park, but there was no confirmation of that.