The rumours of a new sponsorship deal for Newcastle United were confirmed today when it was announced that Wonga would be the new shirt and stadium sponsor. As most things NUFC related do, this tie-up has caused a split in opinions among the clubs supporters. Aware of the negative publicity this deal was likely to receive, Wonga were quick to make a peace offering - they announced that they would be changing the stadium name back to St James' Park. This appeased many people who were unsure whether they wanted us to be linked with Wonga. Others remain unhappy. Why?
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If you don't know who Wonga are then here is a summary of key points and articles that have been around them in recent times:
Wonga were founded in 2007
Wonga are a short-term payday loan company who charge interest at an average rate of 4,214% per annum
Wonga have thrived in the recession, with profits rising 269% to just under £46 million last year.
Wonga offers short-term loans of up to £1,000 and promises to send the money within 15 minutes of it being approved.
Wonga featured on BBC TV investigative show 'Watchdog'.
They already have shirt sponsorship deals in place with Blackpool and Hearts
The positives of the deal:
Newcastle will receive £24 million over four years. The stadium will once again be officially named St James' Park, though to most people the name never changed.
Derek Llambias confirmed that the money will go towards the youth academy, community work and first-team investment.
The £6 million per year earned makes us the seventh most highly paid beneficiaries of shirt sponsorship in the Premier League. While the amount is significant in the current economic climate, it falls a long way short of the likes of Spurs (£10million) and quite away behind Aston Villa (£8million)
So what are the fans complaining about?
The main cause for concern is the nature of their business, described as 'Legal loan sharks' by Labour MP Stella Creasy. Newcastle Central MP Chi Onwurah commented on Twitter: "Some of the richest young men in Newcastle to wear shirts calling on the poorest to go to a legal loan shark"
Indeed the North East is one of the poorest areas of England. The North East also has the highest personal insolvency rate in England - the sceptical amongst us could put two and two together and assume Wonga have deliberately targeted an area where they can add to their rapidly growing profits in a time of hardship and desperation.
The Muslim Council of Britain have also entered the debate. From Sheikh Ibrahim Mogra of the MCB in Wednesday's Independent: "The idea is to protect the vulnerable and needy from exploitation by the rich and powerful."
Mogra also pointed out that Muslim footballer Freddie Kanoute wore an unbranded Sevilla shirt when they were sponsored by gambling company 888. Our Muslim contingent have happily worn the Barclays Bank emblem on their sleeves throughout their time here and although the two are not the same, this may not be a problem.
Rightly or wrongly, none of us should be surprised by this sponsorship deal. People have been talking about the lack of ethics and morals in the modern game for some time now and let's face it, Wonga aren't breaking any laws. The Government allow them to operate as they do, for now. I have my own thoughts on this - some agree, others argue that it is no more morally questionable than having a bookmaker or alcohol brand on the shirt - we've had a few of them in the past. So we are where we are. Nothing will be done to change it. Having said that, the Football League chose not to renew their small scale sponsorship after concerns were raised by fans of a number of clubs.
Some our supporters are happy with the deal, some are furious. Isn't that always the way with Newcastle United Football Club?
Where do you stand? Let me know in the comments box below, or on Twitter @MarcSDuffy