[The Athletic] Newcastle United sold St James’ Park to themselves. Arrangement led to first profit since Saudi-led takeover, Joined Big Six in topping £100m of annual commercial revenue, Operating loss hit a club record £109.4m.
by OkayFine101
[The Athletic] Newcastle United sold St James’ Park to themselves. Arrangement led to first profit since Saudi-led takeover, Joined Big Six in topping £100m of annual commercial revenue, Operating loss hit a club record £109.4m.
by OkayFine101
35 Comments
Are we Chelsea now?
Not a fan of that.
Hahaha. Looks like we’re learning from the big 6. Quick, before Masters does something to thwart us.
Well that’s not great I genuinely thought the goal was to get along without this sort of shit. Which begs the question where’s the line?
Also didn’t they block this shit from applying to your balances for Europe?
My question is, why now when PSR is being phased out for SCR? And was it something the club have essentially been forced into in order to prevent a further marquee sale last season?
Are we the baddies now?
Can’t explain just how much I despise this. Our stadium is now not ours. We are being asset stripped for short term gain. What happens when the owners get bored of us? They now own the cathedral on the hill. God I hate this.
I’m not sure how I feel about this. On the one hand, the only way to keep up with others pulling this sort of shit is to do it yourself. On the other, it’s the exact type of shady business I hate.
We beat them at their own game type shit
We can have our cake or we can eat it. I’d prefer to eat it.
Finally some good business according to new footballing norms
Well we’re only joining in with the sky 6 in being sly so I see nowt wrong with it.
Watch Richard Masters furiously try to work out how he can punish us retrospectively for this but also bring in some time limit so Chelsea aren’t published for the same thing.
One thing to remember here is that the lease will be a very low fee: taking West Ham and Man City into account, who both pay £3m a year for brand-new stadia, it should be less for the club.
To me this indicates manoeuvring us into position for a big rebuild. I don’t think it’s asset-stripping like Ashley would, but a logical short-term step. I don’t think there’s any real danger of losing the stadium should “the owners get bored” – if anything, it’s more an intent to be in it for the long-term.
Hilarious to do this before potentially demolishing it for a new stadium, absolute shithousery
Yeah I see no issue with it in the way that everyone else is doing it to make sure they have more money to spend; so why should we miss out on it. Should really have done this to avoid selling Anderson/Minteh and being stuck with the keeper.
Do I have an issue with clubs doing this yes, but it’s pointless hamstringing yourself to try to be holier than thou in the premier league as that will just lead us to selling more talent.
Considering they kicked off at us selling ASM but then are allowing Chelsea to send players between themselves and Strasbourg is another example of why bother following the rules. And all we will get is a fine and a suspended sentence if we do it now.
Did this happen before or after we sold Anderson?
Get in. When in Rome …
Good. If other clubs do it I don’t mind us doing it too. There’s no integrity to the financial side of the sport any more, so who gives a fuck. May as well try to compete
I’m confused. Does club own the stadium or not? Or do the owners now own the stadium? If the owners sell they still own the stadium? Is that what I’m understanding?
Looking forward to Chelsea selling their U15’s to themselves after seeing our success.
FFP / PSR rules are stupidly arbitrary and favour the super clubs so might as well find ways around it imo
The truth of it is that if other clubs are doing joke accounting like this then we either choose not to and miss out on 100M reduction to our loss or we partake in this nonsense and maintain the current gap without having to sell players.
The fact that this is the system we’re operating in is the actual joke.
This was done to avoid a penalty, however it also makes sense as the new company that owns the stadium will borrow the money to fund construction of the new one so that club is not saddled with debt.
I work in property finance. This ain’t to do with PSR or trying to bend the rules. Companies do this often when redeveloping significant property. In short its all to do with being tax efficient and having the right corporate structure in place.
Finally we are growing some balls
I suspect this means that the decision has been taken, if not fully planned yet, to build a new stadium rather than redevelop St James’ Park
You have become the thing you used to hate lol
This feels like a big deal. Not because we might get in trouble but selling the stadium for almost 200mil is pretty mad. Am i right in thinking we only did this only to get out the shit rather than to attack in our spendin? Its actually so stupid we didn’t do this earlier to avoid selling Minteh and Anderson, i know we all love Anderson but Minteh would be the better more exciting one to hold, he has world class potential and would have stoped us wasting 50mil on Elanga, Minteh is everything we need out wide.
We need to sell to ourselves the Women’s team too.
Finally some of that corruption I hear rival fans claim we do. (Mad it took the PIF 5 years to finally be sneaky mind).
I understand with how top level football has evolved that this is all part of the game now and we should probably recognise that and accept it.
But, part of me is uncomfortable with the fact that if there were to be a bitter fall out with the owners and they sold in the future, the current owners would still have a bargaining chip over us with owning the stadium. Not something I think is likely unless external world events force them into a sale, but something to keep in the back of mind that we could have a potential headache on our hands in the distant future.
I’m fully in favour of us absolutely rinsing every loophole possible. Why shouldn’t we when everyone else has?
Do I like it? No. But let’s face it we are abiding by the rules and the standard the PL have set a precedent for, if the league won’t close these loopholes because it benefits clubs like Chelsea, Man City, Liverpool, Man Utd, etc. Then why should we not abuse the same loopholes designed to help out the other 6 clubs.
Isnt this just to make sure any new stadium developments the debt is placed on a different companys balance sheet and not NUFCs for future ?