State Bank Backs Newcastle

State owned Northern Rock have renewed their sponsorship agreement with Newcastle United in a four year deal worth a potential £10m to the promotion chasing Championship club. The bank was nationalised during the 2008 financial crisis, but government tries to have a 'hand offs' relationship with its financial sector acquisitions using small supervision vehicles such as UK Financial Investments. Gary Hoffman, the bank's chief executive, said it was 'mindful of our responsibilities under government ownership', saying it only considered advertising and promotion deals that delivered a high return on investment and were a good commercial fit. He added, 'Brand awareness and promotion are important elements in the continuing development of this company.'