Nike to sign St James' Park naming rights deal

Sportswear company Nike are close to agreeing a naming rights deal for Newcastle United's St James' Park stadium.

The American company are prepared to sign a £10m-per-year deal with the Premier League side, according to The People.

The deal, which could be signed at Christmas, is thought to last for five years.

Club owner Mike Ashley received the wrath of Magpies fans earlier this month when he renamed the stadium the Sports Direct Arena, after his own company.

The businessman has claimed that he has put the naming rights of the ground up for sale to generate some much-needed income.