Newcastle ‘take out a £140m loan’ to help fund Eddie Howe’s summer transfer business as FFP restrictions restrict them from spending lavishly – despite being the world’s richest club with cash reserves of £492BILLION
- Newcastle have reportedly taken out a £140million loan to help fund transfers
- The Saudi-owned club are the world’s richest club with reserves of £492billion
- The Magpies have been restricted in transfers business due to Financial Fair Play
Newcastle United have reportedly taken out a £140million loan to help fund Eddie Howe’s transfer war chest this summer, as he remains keen on adding a new striker.
The Saudi-owned Magpies have reserves of £492billion, making them the wealthiest owners in world football, but they have been restricted in their transfer business so far.
Financial Fair Play rules have, however, restricted the amount owners can pump in directly for transfers and they also have to wait until next season to bring in lucrative sponsorship deals with Saudi-linked businesses.
The Saudi-owned Magpies have reserves of £492billion, making them the wealthiest owners
Newcastle have, however, taken out a £140million loan to help fund Eddie Howe’s business
The Tynesiders are said to have opened up a credit facility with HSBC to pocket cash due from next season up front, according to The Sun.
The Saudis, who own 80 per cent of the club, are able to use Premier League TV revenue and ticket sales to secure the borrowing.
The same report suggests that Newcastle received £119m in broadcasting income for the 2020-21 season while St James’ Park brought in £25m in matchday revenue for the 2018-19 campaign, the last unaffected by Covid where figures are available.
Newcastle received £119m in broadcasting income last season and £25 matchday revenue
This means they are able to borrow over £140m from HSBC, in an agreement increasingly used by Prem clubs, which will be a major boost to boss Howe in his quest to add a striker and a winger to his squad before the end of the window.
Newcastle’s new ownership group have spent nearly £150m on players since buying out Mike Ashley last October and have also renovated the training ground and upgraded parts of St James’ Park.
They’ve made three summer…