The bank, owned by billionaire Richard Branson, bought Newcastle's previous sponsor Northern Rock on January 1, and have opted to continue the tie with the north-east club, agreeing a two-year deal with the Magpies.
Newcastle United managing director Derek Llambias hailed the deal, stating: “We’re delighted to secure this new deal with Virgin Money and we look forward to enjoying a mutually beneficial partnership over the coming seasons. It is an excellent deal for both parties and we’re very happy to have them on board.”
Jayne-Anne Gadhia, chief executive at Virgin Money, said in a statement: "Now that Virgin Money and Northern Rock are united as one business, it gives us great pleasure to continue the shirt sponsorship of Newcastle United Football Club. The Northern Rock sponsorship started in 2003 and it is an important link to the North-East which we are pleased to continue.
"Combined with our sponsorship of the Virgin London Marathon and the Edinburgh Festival ‘Fringe on the high street’, the shirt sponsorship of Newcastle United Football Club embeds our involvement in the communities we serve.”
Gadhia also revealed plans to update the shirts of 10,000 supporters by re-branding their out-of-date kit with the new sponsorship logo.
“The first 10,000 supporters with 2011/12 season shirts that bring them to the Club shop will receive a free Virgin Money update to their shirt. Availability of this new branding will be posted on the club website but is expected at the end of the week,” she explained.