The release of Newcastle United’s 2023/24 financial accounts on Tuesday brought the much-needed confirmation that the Tyneside outfit now find themselves on much stronger financial footing after months of limited transfer activity born out profit and sustainability rules [PSR] concerns.
Newcastle this week announced a post-tax loss of £11m for the latest financial period; a much improved figure from the £73.4m loss recorded in 2022/23 – and with a further £70.7m set to drop off the club’s rolling three-year PSR balance sheet, the summer promises to be a brighter one – with transfer spending expected.
The financial shackles being loosened also means Newcastle are in no hurry to start selling their prized assets. This, after Anthony Gordon was last year linked with a move to Liverpool, Bruno Guimaraes’ previous £100m release clause raised concerns over an emotional exit, and a player of Alexander Isak’s ilk being desired by Europe’s top clubs.
However, in an upbeat conversation with reporters in the wake of Newcastle’s accounts being made public, Chief Executive Officer, Darren Eales admits the club would be ‘crazy’ to consider selling their key players in the wake of such positive financial results.
“We’re in a position now where because of the fact we were able to move a couple of players in January (2024) that weren’t really impacting on minutes on the pitch,” Eales told journalists over Zoom. “We’ve got that wish and desire to keep our key players, they’re all under long-term contracts.
“So from that perspective we have no intention at all of those players being moved on, and we’re not under the gun or anything like that. We’ve got an ownership that is ambitious, wants the best for the club. So from that perspective, it’d be crazy for us to consider it.”
Of course, Newcastle’s ownership having no desire to sell the club’s big-hitters is only half of the battle. Newcastle need the results on the pitch – and the subsequent European qualification – to keep those key stars happy.
Last year’s seventh-place finish, coupled with Manchester United beating rivals Manchester City in the FA Cup final, saw Howe’s side miss out on continental football by a whisker following their short-lived Champions League campaign. Newcastle still managed to keep their major talent at St James’ Park but the feeling is another year out of the limelight and tempted suitors may come sniffing with lucrative offers of premier European football and hefty salary packages.
That is why is so important Howe gets his team over the line once again. At present, the north east outfit sit sixth in the Premier League, just one point behind fifth-place – which may be enough to guarantee them Champions League football. Failing that, a win over Liverpool in next week’s Carabao Cup final will ensure the Magpies book their spot in the play-off round of the Europa Conference League.
Confidence could possibly be higher heading into the Wembley showpiece, given Newcastle have stuttered in the Premier League and crashed out of the FA Cup since their Carabao Cup semi-final triumph. This, after a shaky patch of form earlier in the campaign before a nine-game winning run over the festive period.
But anyone believing Howe is under pressure at St James’ Park would be mistaken. There is absolutely no appetite at boardroom level to sack the former Bournemouth boss – as reaffirmed again by Eales on Tuesday.
“From our perspective we are obviously super pleased we have got Eddie as our coach. We feel really good. We look forward with excitement,” the CEO said. “The reality is we’ve got a great coach, we have amazing players in our squad, we are growing our revenues and we have an ownership that is fully committed to to the long term so the future is bright, it’s just the nature of football that we have the ups and downs.
“We would all want a stronger squad. Everybody would want more players. Everyone would want no injuries but we have to deal with the realities and that’s why I gave Eddie great credit because he understands that because he is part of the process.
“He does a really good job of managing that as part of being the head coach of Newcastle United. We are delighted he is with us and we hope he is going to be with us for a very long time.”
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