NEWCASTLE UNITED have announced a lucrative new multi-year shirt sponsorship deal with Saudi Arabia-based events company Sela.

The Magpies will have Sela branding on the front of their home and away shirts next season, with the Saudi company replacing betting firm Fun88, whose time as the club’s principle sponsor has now come to an end.

The deal, which is understood to be worth around £25m a year, will run over a number of seasons. 

Sela are described by Newcastle as “the driving force behind a wide range of spectacular events, iconic destinations, and attractions in the Middle East”.

Created in Saudi Arabia, Sela have been responsible for bringing sports and entertainment events to the Middle East, and boast a property portfolio that includes the Riyadh Boulevard, Riyadh City and Boulevard World, Jeddah Superdome and Jeddah Yacht Club and Marina.

Newcastle ‘s majority owners are Saudi Arabia’s Public Investment Fund, with the head of the PIF, Yasir al-Rumayyan, also operating as the Magpies’ chairman.

Securing a new headline sponsor has been a key aim for the club’s new ownership group, with the previous deals that were signed under former owner Mike Ashley bringing in a fraction of the sponsorship revenue that has been secured by the likes of Manchester City, Manchester United, Arsenal or Liverpool in recent years.

The amount of income derived from sponsorship has a direct impact on Newcastle’s on-field performance as it is a major factor in determining the amount of money that can be spent on transfer fees and wages while still remaining within the regulations laid out by the Premier League’s profit and sustainability regulations.

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Newcastle United chief executive officer, Darren Eales, said: “We are delighted to welcome Sela as our new front-of-shirt partner. This partnership follows a highly competitive commercial process and we believe we have found the perfect front of shirt partner to support us in reaching our objectives on and off the pitch.

“We team up at an exciting time in the history of both organisations given both share an ambitious vision to expand their brands globally. Fan engagement is central to what we do at Newcastle United and, in Sela, we are partnering with an organisation with shared interests that has delivered incredible events and experiences to millions of people over many years.

“Closer to home, we will work closely on the design and operation of a new fan zone area at St. James’ Park, taking inspiration from Sela’s incredible properties elsewhere.”