Austrian energy drink company Red Bull has taken full ownership of Newcastle Falcons, who will be renamed Newcastle Red Bulls, the Premiership Rugby side said on Tuesday.

The Kingston Park-based club, who were established in 1877 as Gosforth Football Club, have struggled in recent years, finishing bottom of the standings in the last three Premiership seasons in a row.

"Red Bull's investment in Newcastle is a very positive development and demonstrates the confidence in and potential of the (Premiership)," Rugby Football Union (RFU) CEO Bill Sweeney said in a statement.

"We've been pleased to support the club, the league and Red Bull in the process which will be the first major new investment in a Prem club since 2016."

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