Newcastle United's revenues have more than doubled since the final full campaign of the Ashley era but the Magpies still have a lot of work to do to bridge the off-the-field gap
St James' Park
St James' Park
Newcastle United have the 'opportunity' to reduce the revenue gap on the established order - but it is never going to be 'eliminated'.
That is the view of football finance expert Kieran Maguire after Manchester City generated a staggering £715m in the club's most recently released set of accounts.
Manchester City, as a result, have been able to spend more than any other Premier League side on salaries - all while having one of the healthiest wage-to-turnover ratios in the top-flight.
Although Manchester City slipped to third place last season, clubs with the biggest wage bills have, historically, picked up the most points in the Premier League and Pep Guardiola has been able to make a flurry of quality signings in each of the last couple of windows, including Omar Marmoush, Nico Gonzalez, Tijjani Reijnders, Rayan Cherki and Rayan Aït-Nouri.
It is approaching two years since Newcastle strengthened their side, but the Magpies remain in a strong position to recruit this summer, particularly after qualifying for the Champions League last season.
Newcastle's income streams more than doubled from £140.2m in the final full campaign of the Ashley era to £320.3m in 2023-24 and CEO Darren Eales revealed that the black-and-whites' 32% compound annual growth rate was 'more than any club has done before'.
However, Newcastle still have a lot of work to do to catch up with clubs like Manchester United (£661.8m), Liverpool (£614m), Spurs (£528.2m) and, of course, Manchester City after the Citizens turbocharged commercial income long before APT rules were introduced.
"If I'm still alive in 10 or 20 years time, we might be a little bit closer but the other clubs have had the benefit of first mover advantage," Maguire told ChronicleLive. "The other clubs have had the benefit of dynasty-related success.
"We know Liverpool were successful in the '80s and Manchester United were in the '90s and that's helped to build up global fan bases.
"The London clubs have the benefit of being in a city of eight or nine million people and the diaspora that comes from that overseas.
"All of those things count against Newcastle so it's going to be a gradual, slow process. They certainly have the opportunity to reduce the gap, but it's never going to be eliminated."
Here at ChronicleLive, we are dedicated to bringing you the best Newcastle United coverage and analysis.
Make sure you don't miss out on the latest NUFC news by joining our free WhatsApp group. You can get all the breaking news and best analysis sent straight to your phone by clicking here to subscribe.
You can also subscribe to our free newsletter service. Click here to be sent all the day's biggest stories.
And, finally, if you would rather listen to our expert analysis then make sure to check out our Everything is Black and White podcast. Our shows are available on all podcast platforms, including Spotify and Apple Podcasts, and you can also watch along on YouTube
Newcastle United Carabao Cup Winners 24/25 - Official club magazine
Featuring stunning photography, reaction from players, staff and fans, and a fantastic double-sided poster, this must-have souvenir is the perfect way to re-live an unforgettable moment in Newcastle United’s history.