Newcastle United’s owners remain ‘extremely ambitious’ as the club attempt to boost revenues so that Eddie Howe can strengthen his side
Peter Silverstone has reiterated that Newcastle United’s owners remain ‘extremely ambitious’ – just days after the Magpies’ hierarchy held a high-level summit.
Silverstone was among the executives present for a series of meetings at Matfen Hall in Northumberland last week. As well as conducting department reviews, chairman Yasir Al-Rumayyan and Newcastle’s hierarchy held talks about strategy and the club’s infrastructure as the black-and-whites weigh up whether to transform St James’ Park or to build a new stadium not too far away.
Eddie Howe said he was ‘very pleased’ by what he saw and heard during the meetings he attended, because the ambition and drive to be successful was ‘still very much there from everyone connected with the club’, and Silverstone echoed the Newcastle boss’ words.
“I’m in a fortunate position,” the club’s chief commercial officer said at the Financial Times’ football business summit. “We have an ownership group in the PIF and the Reuben family, who are not only extremely well-funded, but also extremely ambitious for the club in the long run, so we have been investing, whether it’s in a fan zone outside the stadium, which has resulted in double-digit revenue increases in a year, or in a retail business.” We’re in the construction phase, investing to build and expand.
“Why do we invest? To satisfy the ownership group’s and fanbase’s ambitions, we must generate more income in order to successfully invest in what everyone is buying – the talent on the pitch.”
Newcastle may, of course, increase their spending power through sponsorship deals, but the Magpies started from a very low point following the takeover. Newcastle’s commercial income stood at £27.6 million when former owner Mike Ashley purchased the club in 2007. This figure had dropped to £26.5 million in the financial accounts for the fiscal year ending June 30, 2022, which included the last months of the billionaire’s reign.
Newcastle have already gained significant collaborations with Adidas, Sela, and others, while new commercial divisions such as retail and licensing, e-commerce, and partnership services have been established from the ground up after Silverstone took over a team of only 40 people when he was hired in 2022.
Although the Premier League’s amended associated party transaction (APT) rules remain in effect, a tribunal panel last month ruled that the original regulations, implemented following the takeover, were ‘void and unenforceable’. Manchester City has filed a new legal challenge to the current rules, but Newcastle appears to be content to keep an eye on things.
“I don’t see the focus on Newcastle over any of the 19 clubs,” Silverstone added. “We all have to work within these rules and maximise opportunities in our own ways. We’re continuing to do that.”
