Newcastle United have confirmed that they have struck a deal with payday lender Wonga for the next four years.

The North East outfit have announced that the company will sponsor their shirts for the 2013-14 season as well as invest in the club's academy.

Managing director Derek Llambias told the club's official website: "We are building a club that can regularly compete for top honours at the highest level.

"As everyone knows, a strong commercial programme is vital to this goal and I am delighted to welcome Wonga into the fold as our lead commercial partner, alongside Puma and Sports Direct.

"Throughout our discussions Wonga's desire to help us invest in our young playing talent, the local community and new fan initiatives really impressed us and stood them apart from other candidates."

Chief executive of Wonga Errol Damelin added: "We're really proud to be involved with Newcastle United. It is one of the biggest and most important clubs in the UK by any measure and has a fantastic following around the world."

The Premier League outfit have also confirmed that a new initiative will be set up in order to allow the fans input on the new shirt design.