EPL's Newcastle United Decides On Early Termination Of Virgin Money Shirt Sponsorship

EPL club Newcastle United will have a “new sponsor on their famous black and white shirts next season” after the club “called an early halt to a deal with Virgin Money agreed only in January,” according to Keith Weir of REUTERS. The contract with Virgin Money was “reportedly worth only [US$4.9M] per season, a modest amount by the standards of the Premier League.” Newcastle United Managing Dir Derek Llambias said, “We will be announcing a new sponsorship partner shortly which represents an excellent commercial deal for both parties.” Weir noted Virgin Money “took on the sponsorship in January after buying the banking business of previous sponsor, Newcastle-based Northern Rock” (REUTERS, 10/1). Virgin Money said that while it “respected the club’s decision, it had wanted to continue as the team’s main sponsor” (BBC.co.uk, 10/1).