Keith Wyness shares ‘big’ claim as Newcastle’s owners bankroll £35m injection
Everton’s former chief Keith Wyness has revealed Newcastle United’s owners will convert their latest £35million investment in the club into equity.
Speaking on the new edition of Football Insider’s Inside Track podcast, the 66-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – insisted the north-east giants won’t want to have any outstanding profit and sustainability (PSR) concerns.
A Companies House submission published on 19 November, backdated to 30 October, revealed £35million was paid into the Tyneside club for one new allotted share.
It isn’t the first investment of this nature Newcastle’s owners have made this year after Football Insider revealed in April they had pumped £37million into the club in a similar transaction.
Eddie Howe’s side were close to breaching the PSR rules last season, with top-flight clubs only permitted to lose £105million over a rolling three-year period.
Newcastle owners to convert cash into equity after new investment
But Wyness revealed the Newcastle owners’ latest investment is just general housekeeping.
He told Football Insider‘s Inside Track podcast: “It’s just money really to tidy up and turn into equity rather than actually having it outstanding for PSR.
“I think it’s just general housekeeping, which you’ll see a lot of with clubs these days, just tying up any money that is needed or spent or required according to the budget.
“All of these things are flexible and can be moved forward.
“There is going to be a lot of expenditure, but then again, we may now see some big sponsors coming into Newcastle as a result of the APT changes.
“That could also release some more funding into the club.
“I’m pleased to see any clubs becoming more competitive and that’s the main thing, as long as we get some competitiveness and people aren’t artificially restrained.”
In other news, Newcastle United’s January priority signing revealed.
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