It seems that banks have stabilized themselves, after almost crushing the world economy with their greed of a couple of years ago.
The deal is said to be worth that amount, but in today’s market we don’t think that is very much, if we are honest.
But it probably illustrates the steep decline Mike Ashley has overseen at the club over the last 30 months.
We are in the middle of another transfer window where we cannot seem to attract our top targets, this time presumably because we wont pay the wages requested.
Northern Rock, which is based in Newcastle, was taken into public ownership in 2008, after their own collapse, as customers panicked and tried to withdraw their money.
Northern Rock said the total value of the contract would vary, worth between £1.5m and £10m, so £10M is the tops.
That compares to last summer when Manchester United announced a new shirt deal for four years with AIG, worth £80M. Ours is worth one eighth that amount – not good – even when you compare the huge gap that exists between the two clubs today.
And the £10M would only be possible if Newcastle play in the Premier League for the next four seasons.
Northern Rock’s chief executive Gary Hoffman defended the decision to renew the sponsorship deal despite the company being owned by the government.
“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. “
Newcastle United’s Managing Director Derek Llambias indicated that he thought the deal would help the club achieve its sole goal this season of a return to the Premiership.