Newcastle's chief executive says the club are on course to become title contenders
Newcastle's CEO, Darren Eales, has revealed that the Premier League club is on track to break its revenue record this season, which in the long run could see it fight for the title.
The Magpies were restricted in what they could spend during the January window and in the current market, this was still a problem.
The Tyneside club had to complete the deals before June 30 to comply with the Premier League's profit and sustainability rules and despite doing so, Newcastle do not have the freedom to spend whatever they want ahead of the 2024/25 campaign.
The Premier League is focusing on new rules on club fees which will allow clubs in the top flight to spend 85 per cent of their gross income and this will be good news for the Magpies.
The Tyneside club have continued to increase their revenue since the new owners took over in 2021 and are expected to break their record this season according to their CEO Darren Eales.
Newcastle chief executive Darren Eales on increased revenue
Speaking to the Newcastle news team, Eales revealed that the Tyneside club are on track to surpass £300m in revenue this season, which would be a record for a Premier League outfit.
The Magpies chief executive said in a recent interview: “It's amazing when you look back at the takeover, £140million was the final accounts in terms of revenue.
“It went from £140million to £180million to £250million – this coming season which has just ended we will be north of £300million.
“That's a compound annual growth rate of over 30 percent year over year which is amazing.”
With new rules on the way, coupled with an increase in Newcastle's income, this is good news for fans of the Tyneside club as they continue to work towards becoming Premier League title contenders.
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