Red Bull has completed its takeover of Newcastle Falcons. As revealed exclusively in June, the Prem club, who will continue to play at Kingston Park and retain Steve Diamond as their director of rugby, will now be known as Newcastle Red Bulls. The company already has significant business interests in football, motor racing and winter sports.

Newcastle finished bottom of the Premiership table in the past three seasons, but the new ownership has pledged to develop local rugby talent through a “strengthened academy programme” and provide “a world-class fan experience”.

Oliver Mintzlaff, Red Bull’s CEO of 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.”

Simon Massie-Taylor, chief executive of Prem Rugby, said: “Red Bull’s takeover of Newcastle is a landmark moment for our sport and a powerful endorsement of our vision and strategy for the future of the Gallagher Prem.”

Newcastle begin the new season on 26 September at home to Saracens.