Source: Daily_Mail
Mike Ashley renames Newcastle Utd stadium after his sports retail business
[LNB]Sports Direct shares are up slightly this morning after Newcastle United announced that its St James' Park stadium will now be known as the SportsDirect Arena.[LNB]The football club's owner Mike Ashley is also founder of the high-street sportswear retailer, so the move appears very much in his interest, but his rebranding scheme on a ground with a 119-year history has not gone down well with supporters. [LNB]Fans had been 'softening' their attitudes towards Ashley recently, but this latest move illustrates why people had remained 'sceptical'.[LNB] Rebranding: Newcastle will now play at the SportsDirect Arena[LNB] [LNB] [LNB]Writing on its website, the Newcastle United Supporters Trust said: 'Newcastle's ground has been St James' Park for more than 100 years and two years ago Derek Llambias assured fans that the stadium's official name would always remain St James' Park as long as they were incharge.[LNB]'So, is it any wonder that fans told us they don't trust the board, want a new owner and why the majority of Newcastle fans want to own a stake in the club?'[LNB] Taking a risk: Chairman Mike Ashley[LNB]The club is looking for a new long-term stadium and shirt sponsor, and it says they have 'consulted with international branding experts' after an original plan to lure sponsors 'did not prove commercially attractive'.[LNB]They planned to sell the stadium-naming rights two years ago but reached a compromise after resistance from fans. Since then it has been known although not recognised locally as sportsdirect.com@St James' Park.[LNB]The club hoped to attract a local sponsor who would accept St James' Park being in the title, but have been forced to widen their search.[LNB]Llambias, the club's managing director, said: 'Our aim for Newcastle United is to continue to deliver success for the fans and everyone associated with the club.[LNB]'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.[LNB] Enlarge Sports Direct shares: One-year chart[LNB] [LNB]'These are very difficult economic times and the board have a responsibility to maximise all revenue streams for the benefit of the club.'[LNB]Newcastle have started brilliantly inthe Premier League this season and currently sit in third place behind Manchester City and Manchester United.[LNB]s in Sports Direct are up 0.9p this morning to 237.9p. A year ago they were under 130p.[LNB][LNB] [LNB] [LNB]
