THE current season had been something of an anti-climax for Newcastle United. After winning their first trophy since 1969 in 2024-25, expectations were relatively high at the club, but they look likely to fail in their bid for a Champions League place and they might not have enough in them to qualify for any of the European competitions.
The club has yet to fully capitalise on having wealthy owners but you sense that this will come in time – Newcastle’s loyal followers would argue securing silverware is a sign that the process is working. However, there is talk of manager Eddie Howe leaving in the summer and some people have some reservations about the club’s finances.
In 2024-25, Newcastle generated record revenues of £ 335.3 million, a 5% increase on 2023-24. Their pre-tax profit totalled £ 34.7 million, but this was only made possible by the £ 133. 2 million “sale” of the St. James’ Park lease to PZ Newco Holdings, the UK registered investment vehicle of Saudi Arabia’s sovereign wealth fund, Public Investment Fund. Without this mechanism, Newcastle would have made a sizeable loss and would have almost certainly broken profit and sustainability rules. But the sale of the stadium lease – effectively to themselves – and the simultaneous lease transaction, may yet plunge them into hot water with UEFA. Newcastle are currently talking to the governing body.
Professor Rob Wilson, an expert in football finance at University Campus of Football Business, believes such deals, which have been used at Chelsea and Everton, among others, “erode long-term coherence.” He sees such manouvering as a symptom of a broken football system rather than an attempt to exercise sound financial management.
The club may find that a sanction from UEFA will prevent them from spending in the summer and with a lack of Champions League football in 2026-27, they may have to sell one of their big names like Sandro Tonali or Anthony Gordon, who are valued at € 80 million and € 60 million respectively.
Newcastle’s commercial income rose by 44% to a best-ever £ 122.7 million, boosted by growth in retail and licensing activities and the development of a new fan zone at the stadium. Matchday earnings were slightly up to £ 51.6 million, a record for the club and partly due to an increase in season ticket sales and the successful EFL Cup campaign. Broadcasting was down by 12% to £ 161 million – lowest since 2022 – largely due to the absence of European football in 2024-25.
Profits from player sales were £ 19.8 million, some £ 50 million lower than 2023-24. Among the player sales were Elliot Anderson to Nottingham Forest for £ 35 million, Yankuba Minteh to Brighton for £ 30 million and the £ 11 million sale of Miguel Almirón to Atlanta United for £ 11 million. Newcastle’s wage bill was up by 11% to £ 243.5 million, representing 72.6% of total revenues. Net debt for 2024-25 totalled £ 45.6 million, some £ 11 million higher year-on-year.
Newcastle are in a better position than they were a few years back, but they are not yet part of the game’s elite. They have the support, they have some very good players, but they are not consistent enough to be regarded as title contenders or Champions League regulars. To their credit they did progress beyond the league phase in the competition this season, but their capitulation in Barcelona underlined precisely where they are at the moment.
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