Austrian energy drink giant Red Bull has completed the takeover of Newcastle Falcons - now to be renamed Newcastle Red Bulls.
The struggling Premiership side was put on sale at the end of last year.
The Tyneside club has finished at the bottom of the top flight - now known as the Gallagher Prem - for the last 3 years, but the takeover signals a new era for the club.
In a statement released August 12, the club announced the rebrand and confirmed that the director of rugby, Steve Diamond, would continue in his role.
Oliver Mintzlaff, Red Bull CEO Corporate Projects and Investments, said: “Together, we aim to elevate rugby to new heights and deliver unforgettable moments for our fans.
"We’re delighted to have acquired Newcastle Red Bulls and look forward to empowering the club to reach its full competitive potential.”
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Red Bull has already partnered across a multitude of sports, including two Formula One teams and top-tier football clubs, such as Leeds United.
Their interest in rugby union could ensure a revival for the sport, which saw a concerning number of Premiership clubs fold, including London Irish and Worcester Warriors.
Rugby Football Union chief executive Bill Sweeney described the takeover as "a very positive development" and said it demonstrated "the confidence in and potential" of the league.
"Having a Gallagher Prem club in the north of England is critical to rugby in the region both for preserving a rugby fanbase and its role in talent development and community outreach," he said.
Head coach Steve Diamond has been clear about the financial constraints he has faced, but has insisted the club would not suffer the same fate as Wasps, Worcester and London Irish, all of whom folded between October 2022 and June 2023.
Operating well below the Premiership salary cap, Newcastle have recently seen England internationals Adam Radwan and captain Callum Chick — both academy products — depart for Leicester Tigers and Northampton Saints, further depleting their squad.
Now, with fresh investment and a new strategy, Newcastle are aiming to climb back into contention in the 10-team league.