Newcastle United have secured a shirt sponsorship agreement with Northern Rock plc, the new bank formed following the successful restructure of Northern Rock, the club's current sponsor.

The deal, which ensures the Magpies will continue to carry Northern Rock's branding until the end of the 2013/14 season, has a maximum sponsorship potential of £10 million (US$16.4 million) over four years - an amount that will only be paid if Newcastle are in the Premier League for each of those four seasons - and will take effect from this summer, when Newcastle's current agreement with Northern Rock expires and when the club is expected to secure promotion back to the top flight.

"We are naturally absolutely delighted to have signed a new deal with Northern Rock plc and to have their logo adorn one of the most famous and iconic jerseys in world football from the start of the 2010-11 season," said Derek Llambias, managing director of Newcastle United.  "This alliance underpins the desire of two of the regions most well known names to continue to work together over the next four years.

"Sponsorship of Newcastle United is a proven commercial investment that not only generates significant media value for Northern Rock plc but also enables the bank to connect to customers at a local and national level. Newcastle United's aim is to return to the Premier League next season and we believe that collaboration will help both companies achieve our respective goals in the local, national and international marketplace."

• Mike Ashley 'will put Newcastle up for sale in the summer'

Gary Hoffman, chief executive of Northern Rock plc, said: "I am pleased to confirm that the new bank has become main sponsor of Newcastle United. There has been a long-standing relationship between Northern Rock and the club, which dates back to 2004, and it represents an important community link.

"The new contract will help keep the Northern Rock brand in the public eye and reinforce our strong roots in the North East region, a community we are immensely proud to support."