'Newcastle are not doing enough' despite smashing club record - Keith Wyness

Yesterday at 05:00 AM

Newcastle United revealed their 2023-24 accounts in recent days, with overall turnover surged from £250million to a club-record £320million figure.

The Magpies have made efforts to boost their income in a bid to maintain their competitiveness at the top of the Premier League.

Commercial revenue improved from £47million in 2022-23 to £86million last season following their lucrative deals with Sela, Noon and Adidas.

Despite the increase in revenues, Newcastle have struggled to comply with Profit and Sustainability Rules (PSR) in recent seasons – with Yankuba Minteh and Elliot Anderson sold last summer to balance the books.

Everton’s former chief Keith Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – has insisted Newcastle must “double” their £320million in revenue to stay competitive.

Newcastle must double their £320m revenue, says Wyness

Speaking on the new edition of Football Insider's Inside Track podcast, Wyness claimed plans for a new stadium could go some way to bridge that gap.

Newcastle are expected to announce their vision for building a new stadium or redeveloping St James’ Park in due course, with PIF officials holding high-level talks in recent weeks.

Wyness insisted the Magpies must also look at taking advantage of their Saudi links by securing more lucrative sponsorships overseas.

He told Football Insider's Inside Track podcast: "They've got the backdrop of having to battle PSR and that whole borderline situation.

"They'd love to spend more and keep rebuilding the squad, but they had the one big splurge – which worked for them, with Champions League qualification.

"They are still challenging, and now the expectations of Newcastle fans have grown.

"These revenue levels are good, but it's tempered by the fact that they've got to go even further to get that PSR room they need.

"They've been very clever with buying and selling to circumnavigate the rules.

"The commercial revenues were up 80%, so well done to Peter Silverstone – but there's a lot more to be done.

"They've got to get the international sponsors in, partnerships with the PIF companies – I've said it a few times now.

"If they're going to push on and these rules stay in place – they'll have to double the revenue to stay competitive.

"I'm sure there are plans in place with the new stadium that we'll see very soon, I'm sure.

"They've got to increase these levels sooner rather than later."

Newcastle set sights on new winger signing

Meanwhile, Football Insider revealed on 8 March that Newcastle are interested in signing Como winger Assane Diao in the summer transfer window.

A new right-winger is now top of Eddie Howe's list of targets this summer as the Magpies look to upgrade on Jacob Murphy following the sale of Miguel Almiron.

Newcastle will prioritise the signing of a winger after missing out on deals in the mid-season window.

For more Newcastle United news, follow us on Facebook or join our brand new WhatsApp Channel for instant updates to be sent straight to your phone.

The post 'Newcastle are not doing enough' despite smashing club record - Keith Wyness appeared first on Football Insider.