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." Several Premiership clubs have financially struggled in recent years, with Wasps, Worcester Warriors and London Irish being put into administration in 2022 and 2023, while Championship side Jersey Reds disbanded. Red Bull owns two of the 10 Formula One teams and has invested in soccer clubs across the globe, but this is their first acquisition of a rugby side. "We're delighted to have acquired Newcastle Red Bulls and look forward to empowering the club to reach its full competitive potential," said Oliver Mintzlaff, Red Bull's CEO for corporate projects and investments. Newcastle, who won the Premiership in 1998, begin their league campaign on September 26 when they host Saracens.