Newcastle United need to change.
The scale, pace and size of what is coming in the summer, though? If the hints dropped by Newcastle chief executive David Hopkinson as the club unveiled their latest accounts are anything to go by, it could amount to a black and white revolution.
Twelfth in the Premier League and suffering after a second defeat to Sunderland, they deserve credit for engaging when goodwill is thin on the ground.
Newcastle have made a profit by effectively selling St James’ Park to themselves (Photo: Getty)This felt like the not-so-soft launch of Newcastle 2.0 – and things might be about to get interesting.
In a briefing that signposted a close season of change, Hopkinson insisted the ambition to challenge for titles by 2030 remained. But he also:
Swung the door open for the sale of key players like Sandro Tonali by admitting the days of “acquire, acquire, acquire” are over and they need to have a “player trading” strategy Said there is “no stance” on Eddie Howe’s future, although sources have assured The i Paper he is still viewed as “part of the solution” Admitted they are war gaming two different transfer strategies, one with European football and one if they miss outThe financials themselves proved revealing. Newcastle recorded a chunky £34.7m profit but only did that by selling St James’ Park and land adjacent to it to another company owned by the club’s owners for a whopping £172.1m. The club say the sale, which took six months in total and had to go through the Premier League’s fair market value tests, was to smooth the process of either redeveloping the stadium or constructing a new ground.
But it is clear, and not disputed by Newcastle, that without the sale they might have breached financial rules and faced a points deduction. So what next?
Signings to come – but player sales feel inevitable
The future of Bruno Guimaraes remains uncertain heading into the close season (Photo: Getty)Twelve months ago, Darren Eales said that Newcastle would be “crazy” to sell Alexander Isak or any of their top players. That bullish stance proved a mirage as Isak forced his way out of St James’ Park. Perhaps the club have learned.
“If an Isak-like scenario presents itself again, any player under contract is going to leave on our terms and we’re going to maximise the opportunity that might represent for the club,” Hopkinson said. That means extracting “maximum price”, he added.
Hopkinson was not chief executive when Isak left but said that he felt the British record transfer deal was a “good sale”. So far, so depressing for Magpies supporters. So here is the point of difference – recruitment will pivot, too.
“Going forward, our strategy is to buy well and sell well,” he said.
Buying well does not necessarily mean spending the most money. Signings will be made and getting into Europe will change things significantly. But director of football Ross Wilson will have to box smart.
Hopkinson was asked whether a “box office” signing might be made.
“We can do that, but we might not be able to do that without selling somebody,” he replied.
Howe’s future
Eddie Howe is coming under increased scrutiny following a poor run of form (Photo: Getty)Newcastle are not where they want to be right now, so is Howe in danger?
Hopkinson was asked directly about the manager’s future and his response felt like it left room for interpretation at the very least.
Newcastle subsequently rowed back on that but it feels like how the club end the season, and a comprehensive review of the campaign, might be significant.
“I don’t have a stance on his future,” Hopkinson said.
What I can tell you is that the derby loss hurt. We take it seriously. There’s nothing within us that thinks ‘well, it’s just three points and on we go’. It has resonated.
“I spent a couple of hours in a one-on-one lunch recently with Eddie and we talked through a multitude of things, including that.
“Eddie’s our manager. I expect to have a great run to the end of the season here and we’ll talk about the future when it’s time. Right now, we’re focused on this season’s competition.”
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“I would not frame it that way. We are not looking to make a change at the moment,” he said.
“We are not having those conversations. We are still in the midst of the season. Right now we are focused on the seven matches we have remaining and not distracting ourselves with speculation about what we may or may not do in the summer.
“All of us have only got so much bandwidth and we are focused on this season and finishing strongly.”
What does the stadium sale mean for transfers?
Newcastle’s owners have followed Chelsea’s lead in selling off property and assets to another company owned by shareholders.
Interestingly they have taken out loans – including one from an Abu Dhabi bank – to pay for it.
And while it has prevented a PSR breach, it is not a financial fair play hack to enable big spending.
“Because of the consequence of the profit calculated on the sale, it gives us a significant amount of PSR headroom,” chief financial officer Simon Capper said.
“The ability to deploy that PSR headroom is very limited because we have to comply with Uefa rules and because the PSR regime is coming to an end, so that profit does not roll forward into squad cost.”
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