Chief Executive of Newcastle, Darren Eales, acknowledged that despite the support from the Saudi sovereign wealth fund, the club may still need to offload some of their key players, following a reported £73 million deficit for the 2022/23 season.
The Magpies’ performance on the field has seen improvement following a takeover by the Saudi Public Investment Fund in October 2021, when they were positioned 19th in the Premier League. Last season, Newcastle secured a fourth-place finish, marking their return to the Champions League after a 20-year absence, and also made it to the League Cup final.
However, their activity in the summer transfer window fell short of expectations, and this season they have suffered from an injury crisis, leaving Eddie Howe’s squad in a difficult position. A series of seven defeats in nine games led to their elimination from Europe and a drop to ninth place in the Premier League standings.
Newcastle’s capacity to invest in player transfers has been limited by financial fair play (FFP) regulations. Despite a £70 million increase in turnover to £250 million last season, chief executive Darren Eales stated that the club still lags behind their competitors in the race for a spot in the Premier League’s top six.
“To put it into perspective, we want to be a top-six sustainable club and Tottenham’s latest accounts available, (total revenue) was £440 million. We are at £250 million, so there is a big step even to the lower end of the top six,” Eales told reporters.
“We have also seen that Manchester City are £710 million in revenue in their latest accounts. There is a long way to go in growing those revenues.”
More than £400 million has been invested in players since the acquisition, but additional funding may depend on selling a crucial asset to release funds in relation to Financial Fair Play (FFP) regulations, which restrict clubs’ financial losses. There have been rumors about other clubs targeting Sven Botman, Bruno Guimaraes, and Alexander Isak as potential acquisitions.
“Any decision we make will always be against the backdrop of the medium to long-term benefit for the club,” added Eales.
“It’s difficult to say specifically on certain players, but I can say that, if we’re going to get to where we want to get to, at times it is necessary to trade your players.”
Newcastle’s recent lackluster performance has raised questions about the manager Howe’s future. However, Eales passionately defended the Englishman, highlighting his achievement of steering the club clear of relegation in his first season and securing a Champions League spot ahead of Liverpool, Tottenham, and Chelsea in the previous season.
“There’s no doubt we have had that real progression on the pitch and Eddie is a huge, integral part of that,” said Eales.
“We hope he is going to be with us for many years to come.”
READ ALSO: Rennes Midfielder Nemanja Matic Absent from Training Without Permission
