Toon owners 'shocked' by Mike Ashley double deal as club eye lucrative 2023 – Report

According to The Chronicle, our new owners have been left 'shocked' by the 'budget' deals Mike Ashley struck before the £300m takeover, with FUN88 (£7m) and Castore (£5m) worth a combined £12m-a-year.

To compare with some of the top clubs in the league, Arsenal receive £300m from their deal with Adidas, while Liverpool make £450m from their contract with Nike lasting until 2026.

As of next season, our shirts will have a new main sponsor after our Saudi-backed owners made the decision to end our contract with FUN88 a year early.

However, with Castore, Newcastle's CEO Darren Eales will hold talks with the kit manufacturer after our new owners inherited a 'multi-year' contract from the Mike Ashley era.

We are currently unable to walk away from our pre-existing agreement with Castore unless both parties come together and agree to end it, so talks are underway regarding the long-term deal.

Newcastle have already attracted some of the best selling brands in the world and with Peter Silverstone now at the club - who brought Adidas to Arsenal - the future could be very bright as we look to boost our commercial revenue to fight against FFP regulations.