(Credit: Manh Tung - Breaking Media/Imago)

James Murray

Wed 8 April 2026 12:09, UK

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Newcastle United are set to agree a “settlement” with Uefa after breaching the governing body’s financial rules. 

That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider the sale of St James’ Park is excluded from the Magpies’ numbers for Uefa.

Newcastle have published their accounts for last season, showing they sold their stadium to another company owned by the club’s shareholders, with the deal generating an accounting profit of £133.1million. 

After qualifying for the Champions League, Eddie Howe’s side were required to comply with Uefa’s football earnings regulations and its squad cost ratio, where they had to keep spending on player wages and fees to 70 per cent of revenue in 2025.

Newcastle are expected to receive a fine if they are found to have breached the governing body’s rules, with Chelsea and Aston Villa both handed financial penalties last summer.

Why Newcastle stadium sale is excluded from Uefa assessment

It has been revealed Newcastle would have breached the profit and sustainability rules (PSR) had they not sold St James’ Park, with the club recording a £34.7m pre-tax profit last season. 

However, Uefa excludes intra-group sales from its numbers, leading to the speculation around the Magpies’ situation.

Speaking exclusively to Football Insider, Borson discussed what the sale of St James’ Park means for Newcastle.

“Loads of clubs have done it now, so why shouldn’t they?” said Borson.

“I don’t think anyone can have a problem with it, but of course, it doesn’t count for Uefa, so it won’t count in terms of Uefa football learnings. It won’t count on squad cost ratios for Uefa. 

“They will already, by the time we get to next June, if they’re in Uefa competition for next season, they will already have to comply with the settlement regime because that’s what they’re about to agree with them right now, so it doesn’t make that much difference.” 

How close were Newcastle to breaching PSR rules?

Borson questioned whether Newcastle could have sold a player rather than St James’ Park to help them comply with the PSR rules.

“I doubt they were that far short,” said Borson.

“They may have been a little bit short on 2024-25 PSR, but they were definitely nowhere near £133m, that’s for sure.

“But could they have found a player to sell? I don’t know. Ultimately, they took this choice because four other teams have also done pretty similar things, so why not?”