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The Tyneside club have exercised an option to bring their two-year tie with the bank to a premature end, with director Derek Llambias hinting at a lucrative new partnership

Newcastle have ended their sponsorship ties with Virgin Money a year early after securing an "excellent commercial deal" as an alternative, managing director Derek Llambias has revealed.

Despite signing a two-year contract with Virgin as recently as January, the Magpies have taken up the option to end the association after just 12 months.

And Llambias confirmed that a new shirt sponsor will be announced shortly, telling reporters: "We have enjoyed a very successful partnership with Virgin Money which we thank them for.

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"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 will remain as the Tyneside club's sponsors until the end of the season, ruling out the need for a new strip to be released mid-campaign.

"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," said Virgin Money chief executive Jayne-Anne Gadhia.

"However, they have found a different option and we have to respect that."

The new sponsorship deal follows the announcement that manager Alan Pardew has signed an eight-year deal with the club.