Newcastle United is on a journey. Under Eddie Howe, the Magpies are dreaming of taking the fight to the ‘Big-Six’ and becoming a staple in the top-four in the Premier League. However, to do so, the club needs top players, and top players do not come cheap.
Sponsorships are essential for boosting a club’s economy. With the help of lucrative tie-ups, clubs generate the funds to splurge on the players they want and need. It helps them keep pace with the competition and fight for the big trophies and achievements. Newcastle United has shockingly underperformed in the department, failing to maximize its profits.
The club, which competed in the UEFA Champions League last season, has not secured sponsorship for their training kit, training ground, and its main stadium — the St. James’ Park. With the Premier League Profit and Sustainability Rules (PSR) turning its screws, Newcastle United needs to find sponsors to keep their top players and add new ones.
Peter Silverstone Explains Why Newcastle United Has Not Secured Sponsors
Fans are concerned with Newcastle’s inability to attract sponsors for its training kit and grounds. Chief Commercial Officer Peter Silverstone has explained the reason behind the hold-up.
Speaking to Newcastle World, he said:
“Everyone thinks that because some clubs have a training ground sponsor that they fall from the trees.
“You have to pick the right partner, get the right values, the right fit and it takes time. But obviously, my job and the job of the team behind me is to maximize the opportunity in every area, whether that’s retail, whether that’s media, whether that’s membership, whether that’s partnerships.”
As per Silverstone, Newcastle is mindful of its valuation. The club does not want to feel undervalued a year or two after penning a sponsorship deal.
He added:
“Our job is to make sure we now maximize the value and the future value of Newcastle United.
“We don’t want to do deals at value now, where in one to two years when we get closer to our ambitions are undervalued. It’s a fine balance but we need to find the right partners at the right value and other clubs are trying to do the same.”
Newcastle’s revenues surged up to around £250 million ($321.06 million) for the 2022-23 season. Tottenham Hotspur, a club comparable to Newcastle in terms of size and ambition, posted profits of £549 million ($705.04 million) for 2022-23. It is safe to say Newcastle has a lot of ground to cover to catch up with the bigwigs.
Add Sportslens to your Google News Feed!
