Length of contract: N/A | Annualised value: N/A | Overall value: US$15 million

Northern Rock, the British bank taken into state ownership in 2008 due to financial problems, has sold Kingston Park, home of Guinness Premiership rugby club Newcastle Falcons.

The bank bought the stadium for US$22 million just weeks before turning to the Bank of England for financial aid in 2007.

Northumbria University has purchased the ground - also home to soccer team Newcastle United’s reserves and Newcastle Blue Star, a semi-professional soccer team – with the aim of developing the UK's first-ever rugby-based Centre of Sporting Excellence in partnership with the Falcons.

"We have enjoyed strong links with Newcastle Falcons for a number of years, bringing benefits to the sport of rugby and to both organisations," said Professor Andrew Wathey, vice-chancellor of the university.

"It has always been our intention to develop a Centre of Sporting Excellence around rugby in partnership with the club."

Newcastle Falcons chairman Dave Thompson added: "Working together we can have a long and lasting impact on the North-East, putting the region firmly on the map as an area of excellence for rugby and helping to attract the best in the world as well as nurturing our own rugby talent and developing the stars of tomorrow."