NEWCASTLE United has signed a new £10m sponsorship deal with Northern Rock.
The four-year agreement will see the nationalised bank remain as Newcastle's sponsor from season 2010/11 to 2014.
Northern Rock’s chief executive Gary Hoffman hailed the renewed sponsorship as 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 full £10m will only be paid only if Newcastle – currently playing in the Championship – get back into the Premier League and remain there for the whole of the four-year period.
Hoffman said: “Brand awareness and promotion are important elements in the continuing development of the company.
“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.