Finance guru rubbishes ‘media narrative’ as new Newcastle United business details emerge
Newcastle United have likely switched banks simply because they have been offered more favourable terms.
That is the view of finance expert Doctor Dan Plumley, speaking exclusively to Football Insider about the Magpies’ decision to drop Barclays in favour of HSBC.
As relayed by fellow spreadsheet expert and Football Insider columnist Kieran Maguire on Twitter on Wednesday (27 July), Newcastle have confirmed a new charge with HSBC via Companies House.
The details of the borrowing are not specified, although the document does reveal that the agreement is secured against future TV cash and matchday income.
Barclays has been the chosen bank of the Tynesiders since even before the Mike Ashley regime.
Plumley offered his theory as to why they would choose to switch at this moment in time.
“It could be something as simple as they have been offered more favourable terms,” the Sheffield Hallam University expert told Football Insider’s Adam Williams.
“It could also be linked to some kind of overdraft facility, although that would probably be used as a last resort given the wealth of the PIF.
“I think sometimes there is a tendency to read too much into these things and there can be a bit of a media narrative and hype around why this might be.
“Granted, we can’t see behind the scenes, but I would suggest they have simply been offered more favourable terms.”
Newcastle beat Athletic Bilbao 2-1 in their final pre-season friendly ahead of 2022-23 last Friday (30 July).
They begin their new campaign against Nottingham Forest on Saturday (6 August).
In other news, pundit’s verdict on James Maddison accepting Newcastle United offer after source’s £60m update.