Newcastle United Q&A: Dominic Scurr answers the big questions surrounding David Hopkinson, Eddie Howe, transfers and more.
It’s been a busy week off the pitch for Newcastle United, and our sports editor, Dominic Scurr, is here to answer the burning questions surrounding the club.
Newcastle released its accounts for the 2024/25 season on Tuesday, confirming 44% commercial growth, record turnover of £335.3million and a pre-tax profit of £34.7million. But as we all know by now, those numbers don’t quite tell the full story.
As such, Newcastle invited members of the local media to St James’ Park to pore through the results with chief executive officer David Hopkinson and chief financial officer Simon Capper.
Our man Dominic Scurr was in that briefing. Here’s the inside track on an important week for the club with some big questions answered.
What was the big takeaway from NUFC’s media briefing?
Newcastle wanted to get across the new financial rules they would be adhering to moving forward. PSR will be a thing of the past next season, but put that celebratory champagne on ice because the new rules aren’t exactly beneficial to the club.
The Magpies will be following UEFA’s strict financial rules, which limit clubs to spending no more than 70% of their revenue on squad costs such as transfer fees, wages and agents' fees. It’s a slight difference to the new Premier League rules, which limits clubs to 85%.
Premier League rules also count profits made from in-house sales such as training grounds, women’s teams and stadiums, something UEFA does not. The big takeaway from Newcastle’s financial results was the sale of St James’ Park and other property for a £133million profit.
The club wanted to get across that this was a housekeeping exercise to future-proof their as-yet-undecided plans regarding the stadium. But the timing of the sale, three days before the PSR deadline, raised questions.
While the stadium sale did contribute to Newcastle’s PSR compliance, it only did so partially and would not be included in UEFA’s calculations at all.
As such, UEFA’s financial rules could be a problem for the club moving forward. And it won’t just be a slap on the wrist and a fine. That is a concern recognised internally at St James’ Park - now the property of PZ Holdings Ltd.
Eddie Howe’s future at Newcastle United?
My colleague Jordan Cronin was the man to ask David Hopkinson directly about Eddie Howe’s future at Newcastle, which was another big takeaway from the briefing.
Hopkinson’s change in tone from ‘Eddie is our man’ delivered as recently as February to a far weaker stance was notable. The CEO claims he has ‘no stance’ on Howe’s future, remaining neutral and unwilling to fuel the speculation surrounding the head coach’s future.
Hopkinson insisted the focus is only on the next seven games between now and the end of the season, and conversations surrounding Howe’s future will take place when the time is right.
In my opinion, Hopkinson was tactful and smart in his response. It allows Howe to focus and deliver in the final seven games without any comments or stances from those above looming over him.
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Thoughts on David Hopkinson?
It’s too early to tell, really, but Hopkinson talks like a man of action and all the noise internally from Newcastle suggests as such.
He is ambitious, driven and talks Newcastle up perhaps too much - but that’s what we want to see from a CEO. Shoot for the stars and if you miss then at least you’ll get a lot closer than if you didn’t.
But actions will always speak louder than words and really for the first time we saw those actions come to fruition with the training ground sponsor, KNOX. It’s been a commercial tap-in the club has been crying out for so it’s nice to see it finally delivered.
Hopkinson teasing ‘more will come’ shows he’s a man with a plan. Let’s hope it’s a good one!
Will Newcastle United have money to spend this summer?
You’d think after the sale of Alexander Isak for £130million, Champions League football, growing commercial revenues boosted by the incoming £18million training ground sponsorship, Newcastle would have something of a transfer war chest this summer.
But UEFA rules are at real risk of restricting what they can do. Hopkinson warned that a big sale would be required to bring in a big player this summer. Newcastle will have to be a trading club moving forward, something it has struggled with on the whole since the takeover.
Newcastle want to be in European competition and the rolling nature of the rules means that the club simply can’t adhere one season and then flout them the next just because they’re not playing in Europe.
So there’s money, but how they spend it will be dictated by outgoings.
Who will leave Newcastle United this summer?
For the second summer running, brace yourselves for at least one major exit. Sandro Tonali appears the most likely given the growing noise surrounding his future and the regular comments from his agent in the media.
The interest is there, but will any club be willing to meet Newcastle’s valuation? Tonali not being at the World Cup would allow Newcastle, in theory, to get a deal done quickly.
I’ve been told Tonali would not agitate to leave Newcastle but will consider his options in the summer, particularly if the club aren’t playing in Europe. Manchester United are understood to be leading the race for the Italian as the eye a replacement for Casemiro.
Tino Livramento and Anthony Gordon are two more players who could leave given the interest from elsewhere. Gordon is enjoying his best scoring season to date with 17 goals in all competitions, boosted by his promotion to penalty duty following Isak’s departure.
Both players would be open to leaving should the right offer come along. Newcastle will insist on extracting maximum value from their players but ultimately would not block a deal should the right offer come along.
Bruno Guimaraes has also been linked with Manchester United. I understand that link is a red herring, and it’s Real Madrid who are the ones to keep an eye on as far as the Brazilian’s future is concerned.
Guimaraes previously spoke with Real back in 2022, but those talks never progressed into anything more serious. The Newcastle captain’s deal has two years remaining on it so his next contract will have to be a big one, whether at St James’ Park or elsewhere.
There are also a few players out of contract as things stand. Kieran Trippier, Fabian Schar and Emil Krafth are the most notable ones.
With uncertainty over Livramento’s future, the club would be reluctant to lose two more right-backs in Krafth and Trippier, so don’t rule out a new deal. But it’s understood that both players would be open to moving elsewhere.
I recently asked Trippier whether he wanted to stay at Newcastle, and he wouldn’t commit to an answer. The club has since confirmed he will be departing this summer upon the expiration of his contract.
Meanwhile, Schar is a player who has spoken publicly about wanting to keep playing for Newcastle as long as possible. The added competition for places at centre-back and his recent injury could impact things, but I wouldn’t rule out a new deal for the Swiss defender.
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