These are strange times at Newcastle, who desperately need to strengthen their squad ahead of a return to Champions League football next season.
The i Paper understands efforts to appoint Mitchell’s successor have been expedited but under majority owners the Saudi Public Investment Fund (PIF) decisions on executive appointments are rarely swift.
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Forbes’ list of the most valuable football clubs in the world currently puts Newcastle at 19th, with their worth estimated at £817m.
Experts have told The i Paper there is potential for that value to “sky rocket” when PIF finally make a decision on the future of St James’ Park.
The long-awaited decision on the future of the stadium – originally promised by “early 2025” – will be announced this year but hopes of hearing something by the end of this month, which was one internal target mentioned to The i Paper recently, now appear unduly optimistic.
Indeed, with PIF’s rigorous “process” around investment decisions still playing out there’s not even a guarantee a call will be communicated before the start of next season.
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It’s understood that when an announcement is made it will be “comprehensive and detailed”, and much more advanced than the internal presentations made to club staff earlier this year.
The i Paper has been told a capacity “in excess” of 65,000 is now being looked at after PIF figures noted the huge numbers that celebrated the historic Carabao Cup win. But there is also ruthless business logic to building it as big as they can, with Newcastle still on an impressive off-the-field growth trajectory.
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“Absolutely they could get to a £1bn valuation when you look at the way revenues have sky rocketed since the Saudi takeover. Our valuation works on a revenue multiple basis and club revenues have sky rocketed since they first featured in our list on 2023.
Improving the bottom line will also enable Newcastle to navigate the Premier League’s profitability and sustainability rules (PSR) in future seasons.
What that means in practice is trying to negotiate more reasonable prices for top targets Pedro – rated at £60m by Brighton – and James Trafford, who is keen on a move to Newcastle but will not move for the £30m quoted by Burnley.
The word from inside the club is that there’s no panic. Transfers will happen and some of their targets are yet to emerge into the public domain. But with so much at stake a bit of urgency – on and off-the-field – might pay dividends.
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