Newcastle are yet to make a decision over whether to stay or leave St James' Park
Newcastle United's St James' Park
Newcastle United's St James' Park(Image: Getty Images)
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When Newcastle United's accounts were released last week, the sale of St James' Park from Newcastle United to their parent company PZ Newco Limited for £172.1m was the most striking revelation.
Newcastle’s chief financial officer Simon Capper said the reason behind the deal was to 'reorganise our property assets and get them into the correct legal boxes to allow us to go forward with our potential development, either at St James’ Park or for a new stadium, and to facilitate that with financing and other similar items'.
That, of course, brought the focus back on the major decision facing the club - should they expand St James' Park or build a new stadium on Leazes Park?
That was a conversation CEO David Hopkinson felt 'wasn't for today' in a briefing with journalists last week but the decision to sell St James' Park not only saw the club post a profit and avoid any PSR sanctions, it also was a further step forwards towards a decision being taken.
And the matchday revenue results in those accounts should also send a reminder of the importance of getting that decision right.
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A club statement said: "Match income increased marginally from £50.1m to £51.6m, the lack of UCL income being compensated for by a growth in season tickets, hospitality revenue and domestic cup receipts, including the club's successful EFL cup campaign."
Of course, next year's matchday revenue results will be boosted by Champions League participation this season but that figure pales into comparison alongside the 'big six' clubs in the Premier League.
Arsenal recorded matchday revenue of £153.9m while Liverpool - driven by the full reopening of the Anfield Road stand - were up 14% to £116m. Even Manchester City, who have a similar stadium capacity to Newcastle, made £75.1m and perhaps the biggest example Newcastle should heed is Tottenham, who made £126.5m.
Spurs, of course, haven't long been in the Tottenham Hotspur Stadium but it is widely seen as the benchmark for other clubs to follow when potentially making a stadium move.
Matchday revenue remains a vital source of income and the fact Spurs, who have made the leap from White Hart Lane to their new ground, dwarf Newcastle in that area by £75m leave the club's decision makers facing a stark reality.
Newcastle could feasibly sell 10,000 more season tickets with a stadium expansion or a stadium move. Their corporate offerings will undoubtedly increase, too.
While Newcastle are making strides commercially, the stadium decision is something that is firmly in their control and, if they get it right, they could quickly bridge that £75m gap.
That should be reason alone to focus minds and get the process moving sooner rather than later.