Newcastle would be “crazy” to consider selling star players like Alexander Isak this summer after their latest accounts showed a big drop in losses, chief executive Darren Eales has said.
The Magpies had lost in excess of £70million in the 2021-22 and 2022-23 accounting periods after heavy investment in players like Isak, Sandro Tonali and Bruno Guimaraes.
They sold the likes of Allan Saint-Maximin, Elliot Anderson and Yankuba Minteh in 2023-24 to ensure compliance with the Premier League’s profitability and sustainability rules (PSR), which limit losses to a maximum of £105million over a three-year period.
Those departures – allied to a 28 per cent growth in revenue bolstered by participation in last season’s Champions League – led to the club announcing losses of £11.1m on Tuesday for the year ending June 30, 2024.
We have filed our financial results for the 12 months ended 30 June 2024, reflecting a 28% increase in overall revenue ⤵️
— Newcastle United (@NUFC) March 4, 2025
Isak’s performances this season in the Premier League have placed him firmly in the world-class bracket and in the sights of Europe’s top clubs.
But Eales insists Newcastle – who have arguably world football’s wealthiest owners in the Saudi Arabian Public Investment Fund (PIF) – see themselves as one of those clubs, and must therefore have the players to match that ambition as they seek to grow within the constraints of the rules.
“We’ve got that wish and desire to keep our key players, they’re all under long-term contracts,” Eales said.
“So from that perspective we have no intention at all of those (top) players being moved on, and we’re not under the gun (because of PSR) or anything like that.
“We’ve got an ownership that is ambitious, that wants the best for the club. So from that perspective, it’d be crazy for us to consider it.”
Asked whether the club would be able to reward Isak with an improved contract in the summer, Eales replied: “He has multi years left so as with all of these things, we will have the discussions in terms of a new deal just like we did with Joelinton, Bruno (Guimaraes) or Anthony Gordon. That’s something that we will approach in the summer.”
Eales was asked what he thought about the speculation linking Isak with so-called bigger clubs.
“When we think about the growth of Newcastle, we have that ambition to be a top club,” he said.
“There is a sense of annoyance (over the Isak speculation) because we’re almost seen as that next category down.
“We’re striving as a club to be at the top table. We want our best players here. And to be honest (the speculation) shows the value that people think of Isak, that they talk about him all the time.”
Eales admitted there is frustration at Newcastle over the constraints placed on the club by the PSR, but he insists it has not impacted at all on the PIF’s commitment to Newcastle, with the club’s owners considering either a new stadium development or the redevelopment of St James’ Park to further improve the bottom line.
“Whichever path we go down (on the stadium), that is huge investment that is going in,” Eales said.
“So the fact the ownership are taking that very seriously and looking to invest considerable sums shows their ambition.
“From my perspective – and I deal with them day to day – (PIF) is 100 per cent committed to Newcastle. That’s the exciting part, there is no change in terms of where we want to get to.”
Newcastle would potentially be one of the biggest beneficiaries too if the league’s associated party transaction (APT) rules were set aside.
The rules were first voted through in 2021 – shortly after the PIF-led takeover of Newcastle – and are designed to ensure commercial deals with entities linked to a club’s ownership are done for fair market value.
A challenge by Manchester City has led to the APT rules as they existed from 2021 until last November being declared “void and unenforceable” by an arbitration panel, and the outcome of a further challenge to the existing rules is anticipated soon from the same panel.
Eales did not comment on whether the club would now seek legal redress in relation to the old rules, and described the situation around APTs generally as “very fluid”.
“I think we’re going to have to see over the next couple of months how things play out, but obviously it’s something that we’re watching carefully,” Eales said.
