(Credit: Manh Tung - Breaking Media)

James Murray

Sat 4 April 2026 9:00, UK

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Newcastle United would have failed to comply with the profit and sustainability rules (PSR) last season had they not sold St James’ Park. 

That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider there could also be corporate reasons behind the deal.

Newcastle published their accounts for last season earlier this week, showing they sold St James’ Park and the land adjacent to the stadium to another company owned by the club’s shareholders.

The agreement saw Eddie Howe’s side generate an accounting profit of £133.1million, helping them record a £34.7m pre-tax profit for 2024-25.

The sale had a dramatic impact on Newcastle’s financial situation, helping them avoid a PSR breach, with Premier League clubs permitted to lose £105m over a rolling three-year period. 

Why Newcastle agreed St James’ Park sale

Newcastle’s spending power has been restricted by the PSR rules since the Saudi Public Investment Fund (PIF) purchased the club in October 2021. 

The Magpies were previously forced to sell young stars Yankuba Minteh and Elliot Anderson to avoid a spending breach. 

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

“If you reverse it out, it tells you they would have failed PSR in 2024-25,” said Borson.

“I don’t think they needed all of the £133m, that’s for sure. Anyway, this season they would have been okay because of the Isak sale.

“They probably looked at it and went, ‘Well, we may as well just do it because, first of all, there’s no real cost to us to do it. It just moves it from one corporate place to another. On top of that, it does register the profit that we can use in England for PSR 2024-25 and 2025-26, but not for SCR when that comes in next season. We can still get two years of use from a PSR perspective, so why not have it?’. That probably was the thinking.” 

Why there could be other reasons for St James’ Park sale

Borson suggested there could be other reasons behind the stadium sale alongside PSR.

“Maybe there was also some corporate preference to do it this way as well,” said Borson.

“I wouldn’t completely rule it out that there was some kind of non-PSR reason to do it, but I’m sure it was largely about PSR. 

“They didn’t even deny it. They just didn’t comment on it, so I suspect it’s mainly PSR.

“Loads of clubs have done it now, so why shouldn’t they? I don’t think anyone can have a problem with it.”