£320m Newastle United announcement exceeds ‘phenomenal’ Darren Eales prediction seven months ago

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Newcastle United have continued to make huge financial progress under PIF ownership.

On Tuesday afternoon, Newcastle United released their latest financial accounts for the year ending 30th June 2024.

The figures revealed that Newcastle’s revenue has soared up to £320.3million, an increase of £70m from the £250m revenues from the 2022/23 accounts.

Newcastle’s finances have been behind their rivals, but PIF and club chiefs have been focused on increasing all income streams.

Mike Ashley was blamed for Newcastle’s underwhelming commercial revenue, but there have been huge leaps made in recent years – just as CEO Darren Eales predicted.

Darren Eales comments on Newcastle United revenue

Darren Eales was appointed CEO in 2022, but sadly made the decision to step down from his position after being diagnosed with a chronic form of blood cancer.

But over the summer, he spoke openly about the progress made behind the scenes at Newcastle and included a projection for the club’s revenues.

Here’s what Eales said on Newcastle’s YouTube channel: “It’s quite incredible when you look back at the takeover – £140m was the accounts in terms of revenue.

“It went from £140m to £180m to £250m, this coming season should be north of £300m.

“That’s an annual compound growth rate of over 30 percent year-on-year, which is phenomenal.

“I think that goes to the great work that the ownership did right from the very start in building this club. It’s a great club with great potential.”

Darren Eales prediction suggests £400m Newcastle growth

It turns out that Eales was spot on with his prediction, with Newcastle even exceeding the £300m figure he suggested.

The 28% growth in revenue also proves that Eales was accurate about the club’s growth rate. It also suggests that Newcastle will be pushing for around £400m in revenue for the 2024/25 accounts.

A new stadium would double Newcastle’s revenue from matchday sources, which is likely the long-term plan under PIF.

READ MORE: Newcastle could add to £76m figure as finance expert hints at ‘bigger deals’ following PIF chief comments

Finance expert Adam Williams predicted £200m revenue for a new stadium, which would add to the club’s constantly improving commercial figures and broadcast income.

With the Premier League set to change from PSR to a squad cost ratio system – which allows clubs to spend 85% of their revenue on transfers, wages and agent fees – increasing revenue is hugely important.