By Kieran Maguire

30th Jul, 2022 | 7:24am

Kieran Maguire: Newcastle United have 'secured' new funds as financial document emerges

Newcastle United may have taken out a new overdraft as part of their switch to highstreet bank HSBC,

That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the Magpies’ decision to pivot from Barclays to HSBC.

As relayed by Maguire on Twitter on Wednesday (27 July), Newcastle have confirmed a new charge with HSBC via Companies House.

The exact nature of the borrowing, which is secured against future media income and ticket sales, is not specified.

Maguire suggests that the facility may be a “secured overdraft” rather than a traditional loan.

“All of Barclays’ outstanding mortgages were effectively cancelled or withdrawn two weeks ago,” he told Football Insider’s Adam Wiliams.

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“It could be something as simple as Newcastle changing their highstreet bank, which is the bank they will use to pay wages and day-to-day bills from Barclays to HSBC.

“As part of that, HSBC may offer an overdraft facility that may actually never be required if PIF are putting the money in. It could be that this is an arrangement of last resort.

“For example, if there was a temporary requirement for an overdraft, HSBC have the benefit of getting some security and Newcastle will benefit because, if it was a secured overdraft, they will pay a lower rate of interest.

“So, we don’t know for certain whether it is a loan or an overdraft facility. The wording of the document is suitably opaque, as you would expect because nobody wants to give away any details.”

In other news, Miguel Almiron tipped to dazzle after “wowing” pundit in Newcastle United pre-season.