Stefan Borson: Newcastle chief may have quit after missing out on top job
Newcastle United are making several changes behind the scenes as their new leadership team continues to take shape.
Newcastle have appointed David Hopkinson as their new chief executive, with the 54-year-old starting work on Tyneside in September.
Hopkinson joined Newcastle from Madison Square Garden Sports, where he was president and chief operating officer, spearheading the business operations of the New York Knicks and New York Rangers.
Newcastle are looking to boost their revenues on the back of Hopkinson’s appointment, with the new chief currently undertaking a 100-day review of the day-to-day operations at St James’ Park.
The Daily Mail reported on 4 November chief commercial officer Craig Silverstone has been placed on immediate gardening leave and is set to take up a business role at Juventus.
Newcastle chief set for ‘interesting’ move
Former Man City financial adviser Stefan Borson exclusively told Football Insider Silverstone could have been in the running to land the CEO role at Newcastle before agreeing to join the Serie A giants.
Silverstone was part of the team that secured Newcastle’s lucrative kit manufacturer deal with Adidas last year.
Speaking exclusively to Football Insider, Borson said: “I don’t think we’re the whole 100 days through the review, probably something like 60 days through, so he’s gone quite early on it.
“I mean, it may be unfair. Silverstone may have been leaving anyway, or sort of interviewing for quite some time anyway.
“It’s also possible that he’s somebody who felt that he should be in the running for the CEO role, put himself forward and didn’t get it. That’s also sometimes possible. I don’t know the individual, so I don’t know whether that’s the case.
“Somebody may have approached him and the timing might be coincidental. I think he’s going to Italy. That could be an interesting experience for him. It’s similar to the Saudi situation. These are hired hands from a business perspective.
“Newcastle’s a great job, of course, from a commercial standpoint, but there are lots of these clubs where it’ll be considered to be a great job.”
Newcastle could now be set to go in a new direction commercially following the changes at St James’ Park.
How much revenue do Newcastle generate?
Hopkinson, who previously spent two years as global head of partnerships at Real Madrid between 2018 and 2020, wants to add £100million a year to Newcastle’s revenues.
The north-east giants have largely seen their progress blocked by the associated party transaction (APT) rules since Saudi Arabia’s Public Investment Fund (PIF) took over the club in October 2021.
Eddie Howe’s side previously struck sponsorship deals with Sela and Noon worth a combined £32.5m, but it is believed they could have potentially banked a higher fee with a relaxation of the APT rules.
However, Newcastle still managed to post a club-record revenue in their latest published accounts for 2023-24 after their overall turnover surged from £250m to £320m.
Meanwhile, the club’s commercial income improved from £47m to £86m across the same period.
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