Newcastle United are renaming St James' Park the Sports Direct Arena.

The Magpies hope to follow fellow Barclays Premier League clubs Arsenal and Manchester City by licensing the naming rights to the ground which has been their home since 1886.

Until the club can find a sponsor to buy the naming rights the ground will be named after owner Mike Ashley's sports retail company.

Newcastle managing director Derek Llambias said: ''Our aim for Newcastle United is to continue to deliver success for the fans and everyone associated with the club. We must make this club financially self-sufficient in order to deliver that success.

"To grow sustainably and allow us to invest in our future, we will need to rely increasingly heavily on commercial income.

"These are very difficult economic times and the board have a responsibility to maximise all revenue streams for the benefit of the club.

"Stadium rebranding offers a lucrative way for clubs to secure significant additional income.

"When we initially launched our plans at the end of 2009, we invited sponsors to attach their brand to that of St James' Park.

"However, it has become clear that in order to make the proposition as commercially attractive as possible, a potential sponsor must be given the opportunity to fully rebrand the stadium.''