Newcastle CEO Darren Eales has stated that the Premier League club are on track to break their revenue record this season which in the long run could see them potentially become title challengers.
The Magpies were restricted on what they could spend during the January window and heading into the current market, this was still an issue.
The Tyneside club had to complete deals before June 30 to comply with the Premier League’s profit and sustainability regulations and even though they did that, Newcastle do not have the freedom to spend whatever they want ahead of the 2024/25 campaign.
The Premier League is pivoting to new squad cost rules which will allow top-flight clubs to spend 85 per cent of their overall revenue and this will be good news for the Magpies.
The Tyneside club have continuously increased their revenue since the new owners took over in 2021 and they are expected to break their record this season according to their CEO Darren Eales.
Newcastle CEO Darren Eales on revenue increase
Speaking to Newcastle’s media team, Eales revealed that the Tyneside club are on track to surpass £300m in revenue this season, which will be a record for the Premier League outfit.
The Magpies CEO said in a recent interview: “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 per cent year-on-year which is phenomenal.”
With the new rules on the way, coupled with Newcastle’s increasing revenue, this is great news for fans of the Tyneside club as they continue to work towards becoming Premier League title challengers.