Newcastle chief executive David Hopkinson says Eddie Howe’s future will be discussed “when the time is right” as the club announced record revenues of £335.3m for the year ending June 2025.
Turnover rose £15m from the previous year and commercial income jumped 44% to £120.1m, but Newcastle remain well behind the Premier League’s biggest earners — Liverpool reported about £700m in their latest results and Manchester United are projected at £640m. The figures do not include revenue from this season’s Champions League or the British-record sale of Alexander Isak to Liverpool for £125m in August.
Newcastle recorded a £129m profit after selling St James’ Park to a company linked to the club and leasing it back. Hopkinson admitted that a “box office” summer signing might only be possible with a notable sale, while chief financial officer Simon Capper warned the club would be “constrained” and “limited” in how that profit can be used because of UEFA rules and Premier League Profitability and Sustainability Regulation (PSR) timing. Capper said the sale gives PSR headroom but the ability to deploy it is narrow and does not roll forward into squad cost.
‘We will talk about the future when it’s time’
Howe’s position has been under scrutiny with Newcastle 12th in the Premier League — 12 points behind fourth-place Aston Villa with seven games remaining — and coming off a home derby defeat to newly promoted Sunderland. They also suffered a heavy second-half collapse in the Champions League round of 16 second leg against Barcelona.
On Howe’s future, Hopkinson said he had recently spent “a couple of hours in a one-on-one lunch” with the manager and: “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.” He added the club were not currently looking to make a change and did not want to be distracted by speculation, insisting everyone was focused on the seven matches remaining.
‘Tonali sale? Any player under contract will leave on our terms’
Sandro Tonali has been heavily linked with a move away, and Hopkinson made clear Newcastle will manage any departures. “We haven’t got an overall strategy with regard to players out, necessarily,” he said. “We think through what players might or might not want to do this summer. But 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 outlined the club’s approach: “Going forward, our strategy is to buy well and sell well. Buying well does not necessarily mean spending the most money. It means working in the marketplace for the players that generate the most value for this club rather than the fee paid for them.” He added Newcastle would use multiple methods including developing academy players and seeking value in the transfer market.
Analysis: Newcastle set for summer of change
Sky Sports News’ Keith Downie said the comments point to a summer of potential change. Without Champions League football next season it will be harder to keep prize assets, he said, and Newcastle may need fresh blood — possibly as many as eight new signings depending on departures. Downie noted Hopkinson’s frankness about the need to sell to refresh the squad and stressed the club appear determined to avoid a repeat of last summer’s drawn-out Isak saga.
Commercial growth is positive but still short of elite rivals, Downie added. While turnover increased five percent to £335m, it remains roughly half of what Liverpool, Manchester City and Arsenal generate, and commercial revenues would need to grow significantly for Newcastle to compete at the very top. Hopkinson has previously set an ambition to narrow the gap by 2030.
Questions remain among supporters about why certain commercial opportunities, such as training-ground sponsorship, have not been pursued and why the stadium sale-and-leaseback was done only recently given PSR constraints. Hopkinson said the figures in the release predate his time fully in charge and do not include this season’s Champions League prize money, suggesting his progress should be judged after a full year in the role.
Why Newcastle can’t simply spend the £129m stadium profit
Capper emphasised the limitations on using the £129m profit. “Because of the consequence of the profit calculated on the sale, it gives us a significant amount of PSR headroom,” he 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. In a very narrow window, yes (it gives us more scope to spend on players), but we are very constrained in how we can use that.”
The financial position, Hopkinson said, offers opportunity but within regulatory and timing limits. The club aims to “buy well and sell well” while maximising value from any departures, and to grow commercial income to close the gap on the league’s biggest clubs.