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Consumer finance company Wonga is in advanced talks to take over the sponsorship of Newcastle United’s stadium and the English Premier League club shirts, according to the Sunday Telegraph.

Consumer finance company Wonga is in advanced talks to take over the sponsorship of Newcastle United’s stadium and the English Premier League club shirts, according to the Sunday Telegraph.

The newspaper reported that Wonga is poised to sign a deal worth £8 million per year for the deal, which would start next season. Wonga would succeed Virgin Money, whose contract was terminated by the club one year early.

Virgin Money’s two-year deal, thought to be worth up to £10 million, was struck in January after Virgin Money acquired previous sponsor Northern Rock. The report added that the sponsorship deal with Wonga is likely to be finalised in the next fortnight and will run for at least three years.

Newcastle’s stadium is currently called the Sports Direct Arena thanks to a sponsorship deal with the company owned by retailer Sports Direct, which is controlled by Newcastle owner Mike Ashley. Wonga signed a two-year deal, from 2011-13, to become the shirt sponsor of Blackpool, which was relegated from the Premier League to the second-tier Championship in 2011.

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