Like it or lump it, now we all have a stake in Newcastle United

Thought for the week: The taxpayer could do without Northern Rock's renewed sponsorship of Newcastle United

Northern Rock, remember, is the stricken bank bailed out by the British taxpayer and under public ownership since 2008. Remarkably, given that history, it has just announced that it is extending its sponsorship of Newcastle United courtesy of a new four-year deal worth up to £10m.

There was a time when Newcastle was everyone's favourite "second" team but the idea that the whole country will effectively want to help underwrite the Mike Ashley regime at St James' Park is surely misguided. Not to mention an insult to those Northern Rock shareholders who lost serious money in the crisis – or those investors who currently see paltry returns on their Northern Rock savings accounts and Isas.

Personally I want to see Newcastle back in the Premier League and prospering – preferably as soon as possible. Contrary to many of the wildly inaccurate assumptions posted by some of you who comment on these blogs I'm not remotely "anti-Newcastle" but there is a much bigger picture here and this deal is quite simply a kick in the teeth to taxpayers who are fed up of seeing their cash continually directed to the wrong areas.

Just ask Robin Ashby, founder of the Northern Rock Small Shareholders' Group. "I am quite frankly gobsmacked, it's bonkers," said Ashby. "This is not a sensible use of taxpayers' money. It is not a sensible commerical decision.

"A publicly owned, nationalised bank should not be sponsoring football clubs. Why is the taxpayer in Bognor Regis paying to support Newcastle United."

Meanwhile Shaun Ghumman of the Northern Rock Shareholders Action Group said: "This is an absolute disgrace. The fact the government sees fit to hand over £10m to a football club and doesn't want to give a penny to the former shareholders is a slap in the face to property owning democracy. It is just ridiculous."

Northern Rock has tried to justify the deal. Gary Hoffman, its chief executive, argued: "We remain mindful of our responsibilities under government ownership and we only consider those advertising and promotion channels that deliver a high return on investment and good strategic fit.

"The new deal will help keep the Northern Rock brand in the public eye."

Meanwhile Derek Llambias, Newcastle's managing director who is keeping his fingers crossed that Chris Hughton's side escape the Championship this year, said: "We believe collaboration will help both companies achieve our respective goals in the local, national and international market place."

Adam Applegarth, the disgraced former Northern Rock chief executive, may be long gone from the bank's Gosforth headquarters but some of his old largesse clearly lives on at the nationalised company. While Northern Rock are prepared to pay Newcastle £10m, Premier League Birmingham City have just signed a £7.8m five year deal with Xtep, the Chinese sportswear firm.

Something is very wrong here.

Goal of the weekend

Gorka Pintado's volley for Swansea City in the 1-0 win over Leicester City which pushed Paulo Sousa's side up to fourth in the Championship. It was Pintado's first goal in 10 months and helped emphasise just why Burnley cast covetous eyes at Sousa before finally opting to replace Owen Coyle with Brian Laws. It will be a big surprise if the former Portugal international does not end up in the Premier League before too long.

One to watch

Lee Camp, Nottingham Forest Forget David James, Ben Foster, Joe Hart and the rest, Fabio Capello could do worse than gamble on putting Lee Camp in goal in South Africa this summer. "If there's a better goalkeeper in this country I've yet to see him," said Billy Davies, the Forest manager following Saturday's 2-1 home win over Reading.

Camp, signed from QPR last summer, is 25 and boasts five England Under-21 caps but is not expecting a call from England's coach anytime soon. After all, as Davies said: "It's only when we start to become a big club that maybe one or two people will start to realise the quality we've got here." What a shame – although judging by Forest's progress there currently appears every indication they will be automatically promoted to the Premier League in May, leaving either Newcastle or West Brom to take their chances in the play-offs.

Games to look forward to

Preston North End v Chelsea: FA Cup fourth round

Darren Ferguson has barely had time to unpack his bags after being installed as Preston's new manager and he finds himself up against Carlo Ancelotti's team. Ferguson will be praying Chelsea – and Nicolas Anelka in particular – are not in the sort of mood which saw them put seven goals past Sunderland last Saturday.

Reading v Burnley: FA Cup fourth round

Having done for Liverpool in the last round, can Reading claim another Premier League scalp at Burnley's expense? Perhaps, but if Brian Laws's new side play anything like as well as they did in a harsh 3-0 defeat at Old Trafford last week this should turn into a rare away win for the team from Turf Moor.

Scunthorpe United v Manchester City: FA Cup fourth round

Roberto Mancini has said he wants City to win the FA Cup and the Carling Cup in addition to "arriving in the top four" but Scunny have rather different plans for the Italian. Nigel Adkins' side may be modestly placed in the Championship but on their day Scunthorpe are a very decent team and this might just have "upset" written all over it. Wonder what Robinho will make of Glanford Park – not to mention whether Adkins, a former physio, can tactically outwit the one-time Internazionale coach? Much will depend on how many players Mancini risks resting as he juggles this tie with a Carling Cup semi-final second leg against Manchester United.