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Kieran Maguire drops '£80m' Newcastle United claim after hearing confirmed news
It is ‘critical’ for Newcastle United to expand St James’ Park as they earn £80million less than some of their rivals in matchday revenue.
That is the view of finance expert Kieran Maguire, who exclusively told Football Insider that Newcastle’s stadium expansion will help them close the gap to the Premier League’s ‘Big Six’.
As reported by The Athletic, Newcastle CEO Darren Eales stated that the Tyneside club have begun the ‘formal process’ of expanding St James’ Park.
Football Insider revealed earlier this month that Newcastle have opened talks with architectural design group Populous over the stadium expansion.
The group were behind the construction of Spurs’ £1.2billion stadium in 2019.
Newcastle generated matchday revenue of £37.22 million in their latest 2021/22 accounts, but an increase in capacity to around 60,000 will significantly boost that figure.
Maguire explained that the Magpies are currently starting each season £80million behind the likes of Manchester United, Tottenham and Arsenal.
“I normally say things are desirable rather than essential, but in Newcastle’s case expanding St James’ Park is essential,” Maguire told Football Insider’s Sean Fisher.
“It’s highly likely that we’re going to move to a wage control metric in terms of financial controls so this is critical for Newcastle.
“If we take a look at matchday income at Newcastle United, it’s a quarter of that of Spurs, Manchester United and Arsenal as well.
“So they’re starting off the season £80million behind other clubs.
“If you’re allowed to pay 70 percent of that out in wages, you’re already £55 million behind.
“Newcastle as a brand is much smaller than Manchester United, Liverpool and some of the London clubs.
“So it’s critical for Newcastle, first of all, to put clear blue water between itself and the other 14 in the Premier League – then they can start closing the gap to the big six.“
In other news, ‘I’m no Newcastle fan but…’, ‘Paid off by the big guns’ – Fans react to ‘corrupt’ Premier League development