Newcastle United have signed a new three-year shirt sponsorship deal with Far Eastern betting company FUN88, which is believed to be the most lucrative deal in the club’s history.

The announcement was made as Newcastle unveiled their new kit for the 2017/18 season, which will feature red numbers and letters on the back as a mark to previous historic kits for the Magpies’ 125th anniversary season.

“It’s a hugely exciting time to partner with one of the most famous clubs in English football,” FUN88 director Nathan Walker said.

“We are looking forward to engaging with the club’s huge fanbase – both in Newcastle and worldwide. We’re excited about the next three years and are looking forward to the 2017/18 Premier League season.”

FUN88 replace Wonga on the front of Newcastle’s shirts, and after the controversy that followed the agreement with Wonga, managing director Lee Charnley underlined the importance of selecting the right sponsors to replace them.

“It was important for us to find the right partner and in FUN88, we have a shirt sponsor that understands the club and brings significant benefits commercially.

“The relationship will enable the club and FUN88 to enhance our respective global profiles together as we celebrate a landmark season and embark on the exciting Premier League campaign ahead.”

No figures are yet available for the three-year deal, but according to the local Evening Chronicle the deal is understood to be the most lucrative ever signed by the club. FUN88 have previously partnered with other English clubs including Burnley and Tottenham, signing a shirt sponsorship deal with the former in 2014/15 and becoming the latter’s official Asian betting partner between 2013 and 2014.

Newcastle’s new shirt will go on sale on 15th June, but as part of gambling regulations the junior kits will remain unbranded, as they were for the previous deal with payday loan providers Wonga.