Newcastle announced a multi-year shirt sponsorship deal with Saudi events company Sela on Friday, in an early test of new Premier League rules on owner-related commercial deals.
Sela is backed by the Saudi Public Investment Fund (PIF), the state's sovereign wealth fund, which also holds an 80 percent stake in Newcastle.
A temporary ban on owner-related sponsorship deals was put in place after the Saudi-led takeover of the Magpies in October 2021.
That was lifted two months later but such deals must be deemed to represent fair market value.
Abu Dhabi-owned Manchester City's rise to the top of English football has been aided by sponsorship deals with a series of related parties in the Gulf.
City are facing 115 Premier League charges for allegedly breaching financial rules between 2009 and 2018.
Owners of other Premier League clubs voiced concerns that Newcastle could circumvent financial fair play rules by using Saudi-backed sponsors.
Newcastle CEO Darren Eales said the partnership followed "a highly competitive commercial process".
"We believe we have found the perfect front of shirt partner to support us in reaching our objectives on and off the pitch," he said.
According to reports, the new deal is worth £25 million ($31 million) per season, around four times the value of the club's previous deal with Chinese gambling firm FUN888.
Newcastle will be back in the Champions League next season for the first time in 20 years after finishing fourth in the Premier League in their first full season under their new ownership group.
kca/jw/jc
