Newcastle United managing director Derek Llambias says the club's youth system will benefit from their deal with Wonga.

The Magpies announced a four-year sponsorship deal with Wonga which will see the company's logo worn on their shirts from next season and £1.5million ploughed into the club's Academy and the Newcastle United Foundation Enterprise Scheme.

The value of the deal has not been disclosed, and nor has that of the arrangement which will see Wonga replace Virgin Money as the club's lead commercial sponsor.

Llambias said: "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."