Newcastle United are a curious case when it comes to financial matters, with incredible sums of money behind them but limits as to how they can spend it.

Ever since the PIF takeover at Newcastle United, there has been a significant uptick in the status of the club. That’s natural, but many would agree they are still lagging behind the biggest clubs in the Premier League and indeed, the world.

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With money, Champions League football, and a trophy in the bag, Newcastle are already in the Big Six… prove me wrong!

However, the infrastructure is clearly there for the Magpies to go to the next level. They’ve got the fanbase, they’ve won a trophy now, and David Hopkinson has grand designs for the club.

Recently, the CEO claimed he wants Newcastle to be one of the major super powers of world football by 2030. So, we asked finance expert Kieran Maguire just how close the club is to achieving that goal.

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In a Geordie Boot Boys exclusive, Maguire explained how one crucial Man City move has actually opened the door for Newcastle to gain extra revenue. But, there are so many other ways to do this, and the Tyneside outfit are not quite at the top level yet.

He said: “Newcastle have to run to stand still to maintain the distance between themselves and the Big Six. Football clubs have three income streams: matchday, commercial, and media.

“Manchester United, by way of example, have been fairly static in terms of matchday income, but they have recently gone from about £110m to £160m with a very aggressive approach to pricing. How are Newcastle going to match that? They were at £50m at the last count. That’s an area they need to address. They haven’t made a decision on St James’ Park because they need to get the decision absolutely right.

“In terms of commercial income, that is the area in which they have the greatest influence. I suspect they will be pleased with the outcome of the Manchester City APT [Associated Party Transactions] verdict. That will give them a little bit more scope for negotiation with potential commercial parties linked to PIF.”

For Maguire, one of the big kickers is television money, and he says Newcastle simply must stay in the Champions League if they are to keep pace with their rivals; although, that does come at a cost.

He added: “When it comes to TV revenues, it’s a case of Champions League income or nothing. Okay, if you have a very good season in the Europa League, you can be looking at £40m plus matchday revenue.

“That is not to be sniffed at, but the data indicates that, unless you’re one of the Big Six clubs, there is a negative impact on the number of points that you earn in the Premier League when you are also playing in Europe. On average, it’s something like an 11-point difference.”

Rate PIF’s ownership of Newcastle so far out of five

Where Newcastle United stand in relation to the Big Six

So, have Newcastle already breached the so-called Big Six in England? They’ve got plenty of money, play in the Champions League, and even won a trophy, but Maguire thinks there is still some distance to make up.

He continued: “Newcastle have moved to best-of-the-rest status and now occupy a different status to the Big Six and the rest of the Premier League. They haven’t had the season they would like to have had so far in 2025/26 but they have done pretty well in the Champions League.

“But seven into four doesn’t go. It’s increasingly competitive among the Big Six and Newcastle. The expansion of the Champions League does, however, mean that there is an 80% chance each season of the Premier League getting five spots in the Champions League. But there is still going to be two leftovers.”

Not only are Newcastle scrambling to keep up in terms of footballing performance, but there is also a revenue gap to bridge. Hopkinson claimed the Magpies can expect around £400m in revenue next year, but that’s still shy of the biggest clubs in the division.

On that, Maguire concluded: “Man United’s revenue was £666m in a very mediocre season last term, and we’re seeing a couple of other clubs push to £700m. So Newcastle are still £250m or more short of their rivals here.

“If you look at that from a Squad Cost Ratio (SCR) perspective, 70 or 85% of that is a very big gap in terms of the wages and transfers you are allowed to pay. That means unlike the Big Six, Newcastle can’t afford to get player recruitment wrong.”

Unfortunately, as we saw on Sunday, Newcastle’s recruitment has failed thus far, by and large. With Ross Wilson now working with the club, though, that can, and simply must improve.

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