Newcastle have ‘very bright future’ as PiF line up multiple deals – Wyness
Everton’s former chief Keith Wyness believes Newcastle United have a “very bright future.”
Speaking on the new edition of Football Insider’s Inside Track podcast, the 66-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – claimed the Magpies should benefit from the Premier League’s planned new system of financial regulation.
As per Sky Sports (12 March), the competition’s profitability and sustainability rules (PSR) are 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.
Newcastle United heading for bright future ahead of expected rule change
Newcastle are majority owned by Saudi Arabia’s sovereign wealth fund, otherwise known as the Public Investment Fund (PIF).
And Wyness believes the club are heading in the right direction under that ownership, with the Magpies able to grow without breaking any rules.
“I think it should be good news for Newcastle,” he 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.”
In other news, Howe makes big Newcastle exit decision.
For more Newcastle United and exclusive news, follow us on Facebook or join our brand new WhatsApp Channel for instant updates to be sent straight to your phone.