Newcastle United are on track for a major boost to their spending power according to club CEO Darren Eales.
The Tyneside club have thrived both on and off the pitch since their Saudi Arabia-backed takeover in 2021.
Under the new ownership, Newcastle United have returned to the Champions League, reached domestic cup finals and are now a regular contender to reach European football.
Qualifying for Europe will be the target once again for Eddie Howe next season, but first the club must navigate the summer transfer window.
Lewis Hall, Lloyd Kelly and John Ruddy have already arrived at St James’ Park this summer – but the trio are not exactly the calibre of players that many Newcastle fans expected their club to sign this summer.
But club CEO Darren Eales had some promising news for fans about the club’s spending power for future windows.
Newcastle United on track for club-record revenue
The current Profit and Sustainability Rules in the Premier League have shackled Newcastle’s spending power in the transfer window.
In order to spend more, Newcastle’s hierarchy knew they needed to grow off the pitch to increase revenue.
In an official club interview, Eales said “It’s quite incredible when you look back at the takeover, £140million was the last accounts in terms of revenue.
“It went from £140million to £180million to £250million – this coming season that has just finished we will be north of £300million.
“That’s an annual compound growth rate of over 30 percent year-on-year which is phenomenal.”
Should Newcastle achieve a revenue of over £300million for the 2023-24 season it will be a new club record.
Newcastle United set for major transfer boost
The Premier League is pivoting to new squad cost rules which will allow top-flight clubs to spend 85 percent of their overall revenue.
With Newcastle growing their revenue so quickly, the Tyneside club will unlock new spending power in future windows.
All sights are set on the club becoming a title challenger and slowly the right pieces are falling into place.
While the signings so far this summer have been slightly underwhelming, that could change very quickly.
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