Energy drinks giant Red Bull has taken over Newcastle with the club to play under Newcastle Red Bulls branding.
The Prem Rugby club had been teetering on the edge of financial crisis with former owner Semore Kurdi putting the club on the market for £1.
But the major brand has stepped in to take over the Kingston Park club, formerly Newcastle Falcons, with director of rugby Steve Diamond remaining in post.
“Newcastle Rugby Ltd are pleased to announce that Red Bull has taken full ownership of the club,” the club said.
Oliver Mintzlaff of Red Bull added: “Together, we aim to elevate rugby to new heights and deliver unforgettable moments for our fans. We’re delighted to have acquired Newcastle Red Bulls and look forward to empowering the club to reach its full competitive potential.”
It comes after City AM revealed Red Bull as one of the major interested parties in the rebel R360 rugby league.
The energy drinks titan is most prominently in sport through its Formula 1 team, which has won the last four solo titles, while the brand is recognised at an ownership level across a number of other sports.
They have a majority shareholding in the likes of New York Red Bulls, Salzburg, Leipzig and Red Bull Bragantino; while the firm has minority ownership in Paris FC and Premier League club Leeds United.
Simon Massie-Taylor, Prem Rugby chief, said: “Red Bull’s takeover of Newcastle is a landmark moment for our sport and a powerful endorsement of our vision and strategy for the future of the Gallagher Prem.
“We are hugely excited by Red Bull’s ambition for the club, which includes developing the player pathway in the North East and growing the club’s fanbase. Their track record in global sport, from high-performance expertise to world-class marketing, will bring enormous value not only to Newcastle but to the Gallagher Prem as a whole.”