( CNN ) -- On a day when a report showed English Premier League clubs attract nearly EUR 150m ( $ 193m ) through shirt sponsorship deals , Newcastle United announced one of the biggest -- and most controversial -- in their history . The club has signed a four-year contract with 'digital finance company ' Wonga , a pay-day firm one MP claims is nothing more than a `` legal loan shark . '' Named as the number one company in the Sunday Times Tech Track 100 list in 2011 , Wonga lends money with an annual interest rate of 4,124 % . The company , which is named after a slang term for money in Britain , declined to comment when contacted by CNN . `` We are completely transparent about the total cost of repayment and we make money when our customers repay us quickly , not by continually extending a growing line of credit , '' says Wonga 's website . `` Like all companies we make the odd mistake , but we are serious about our commitment to responsible lending and try to put customers at the heart of what we do . '' As well as sponsoring Newcastle 's shirts , Wonga has also bought the naming rights to the Magpies ' stadium , reverting it back to its original St James ' Park name . The club 's owner Mike Ashley sparked a huge wave of protest from fans when he discarded 119 years of history by calling the ground the Sports Direct Arena , after his sports goods firm , back in 2011 . Several key figures have criticized Ashley for striking the deal , saying it is irresponsible for such a big institution in a traditionally deprived area to carry the name of a firm that preys on vulnerable people . The partnership -- said to be worth $ 38m over four years -- underlines how increasingly important shirt deals are to top clubs , with a study by Sport+Markt showing they had pushed through the EUR 500m ( $ 643m ) barrier in Europe for the first time in 2012 . Sport+Markt 's report also reveals the most common shirt sponsor of Premier League clubs are firms from the betting and lottery sector , products of which are featured on the strips of six teams . British sports business expert Simon Chadwick told CNN one of the most important goals for sponsors is getting as many people as possible to see their brand name . The Premier League , with its estimated 4.7 billion viewers a year , is the perfect vehicle , he said . `` Such is the global prominence of the Premier League and the clubs within it , that shirt sponsors predictably and inevitably secure the 'eyeballs ' they seek by engaging in sponsorship deals . `` In particular , there is a preponderance of gambling companies , largely because of the convergence of consumer interest in both football and gambling . `` In the case of Newcastle , there would appear to be an alignment of club and company expectations . `` For the club , the deal is an immediate source of revenue and also a smart way of returning United 's stadium back to its St James ' Park name ; for the sponsor , given the socio-demographic and economic conditions of certain parts of the north-east , it is one way of targeting actual and potential customers . '' Barcelona currently holds the record for the most lucrative shirt sponsorship deal -- the Qatar Foundation pays the Spanish giants $ 38 million a year to have their logo emblazoned on the famous red and blue strip . English clubs Manchester United and Liverpool both attract $ 32 million a year in shirt deals , from AON and Standard Chartered respectively , while Barca 's Spanish rivals Real Madrid receive $ 29m from betting firm Bwin . Newcastle 's commercial income trails way behind those clubs despite their windfall from Wonga but according to Labour 's Newcastle Central Member of Parliament Chi Onwurah , it is the wrong message to have on their shirts . `` Some of the richest young men in Newcastle to wear shirts calling on the poorest to go to a legal loan shark , '' she said on micro-blogging site Twitter . Her Labour colleague , Catherine McKinnell , agreed and called on the government to cap the interest rate companies like Wonga could charge . `` Pay-day lenders prey on the most vulnerable people in society , namely those on low incomes or unemployed , '' she said on her official website . `` I know of many cases where constituents have turned to pay-day lenders in desperation and find themselves trapped in a cycle of debt at excessive interest rates of over 4,000 % per annum . `` During this double-dip recession , Wonga have seen their profits soar as many households struggle to make their income stretch to cover the rising costs of living . `` I am disappointed that the board has chosen to associate our club , brand and city with practices which too often penalise struggling families . `` I worry that by associating the club with such a company , it could normalize their practice and plunge many more families into the cycle of debt . Many will see this deal as money from misery . '' Over the last two years Stella Creasy , the Labour MP for Walthamstow -- who dubbed pay-day loan companies as `` legal loan sharks '' -- has led a campaign against Wonga , including its sponsorship of the Blackpool and Hearts football clubs . Creasy want the government to impose a legal cap on lending rates as happens in most other European countries .
English Premier League leads the way in lucrative shirt sponsorship deals . EPL clubs near $ 200 million per year mark , Europe 's top clubs make $ 643m annually . Newcastle sign controversial shirt deal with loans company called Wonga . World 's biggest shirt deals sees Qatar Foundation pay Barcelona $ 38m a year .