There are not many projects more exciting than Newcastle United at present and the Tyneside club have a bright future says Everton’s former chief Keith Wyness.
The Magpies are majority owned by Saudi Arabia’s sovereign wealth fund, otherwise known as the Public Investment Fund (PIF), since 2021 and have slowly made their way up the table in the English top flight.
Newcastle have spent wisely for the most part and are yet to make a huge statement signing to shock the rest of the Premier League.
A reason for this is the Premier League’s profitability and sustainability rules but as per Sky Sports, PSR is set to be replaced as early as this summer. The new cost control rules would involve 85% of revenues being spent on transfer fees and player wages, which is good news for Newcastle as the club continues to increase its revenue.
Speaking on the new edition of Football Insider’s Inside Track podcast, Keith Wyness – who served as CEO at Everton between 2004 and 2009 and now runs a football consultancy advising elite clubs – claimed the Newcastle should benefit from the Premier League’s planned new system of financial regulation and that they have a “bright future”.
“I think it should be good news for Newcastle,” Wyness told the Inside Track podcast. “It will depend on how they actually get more money in off the pitch.
“I noticed they are opening a new fan zone very soon called The Stag, which is right outside St James’ Park, it’s claimed to be a 3,000 person venue, and it’s going to be open all week.
“That’s a great new revenue stream if it really takes off and is done well, which I’m sure it will be.
“If they can expand their sponsorships at fair market values – which is a key phrase – and bring in some of the companies that the PIF have access to, which I am hearing they will, then the future is very bright for Newcastle.
“They can do it all within the rules, so they’ve got a great chance to go on.”