Newcastle United are searching for a new main sponsor after negotiating an early exit with Fun88.
Fun88 has wished Newcastle United supporters well as they part ways with the club at the end of the Premier League campaign.
The online betting company first signed a three-year sponsorship deal with the Magpies in 2017 when then-managing director Lee Charnley flew to China to sign the contract. That was further extended in 2020 in what was described as a “long-term deal”.
But ambitions have changed drastically since the Public Investment Fund of Saudi Arabia, PCP Partners and RB Sports & Media acquired Newcastle from Mike Ashley in a £305million deal in October 2021, and sponsorship deals like Fun88, worth a reported £6.5m-a-year have become insufficient.
As a result, Newcastle negotiated an early exit with Fun88 earlier this season, and the latter took the opportunity to thank supporters during Monday night’s matchday programme versus Leicester City, where Champions League qualification was secured. “As the season draws to a pulsating finale, we wanted to extend our best wishes to you, the heartbeat of this great institution, the Newcastle United fans,” the message read.
“It’s been the most thrilling campaign since our partnership began and we’ve loved being on the terraces with you every week just as much as we enjoy our interactions with you on social media every day.
“Our relationship with you and your great club is something we all treasure immensely. With just two games remaining and so much to play for, there’s really only one thing left to say: Howay the lads!”
While Newcastle are yet to announce a new front-of-shirt sponsor, NewcastleWorld understands discussions have taken place with three middle-eastern based companies worth around £25m-a-year.
Having spent around £220m on new players since PIF arrived in October 2021, Newcastle have had to be mindful of Financial Fair Play. Sponsorship deals such as this will bolster the club’s spending power as they bid to become an English and European force.
