Newcastle v the system - is Saudi 2030 vision unrealistic?
In the Premier League that will be 85%, though it is possible to spend as much as 115% in the first year and pay what is in effect a luxury tax. On the surface, this sounds great. After all, Newcastle have recorded record revenues in each season under PIF.
Football finance expert Kieran Maguire says that for the Magpies it made total sense. "The plusses outweigh the minuses," Maguire told BBC Sport. "With having a bigger stadium, hoping to either expand the stadium or move, they see the longer-term benefits of SCR.
" But once you look under the hood you see that SCR might reinforce the financial dominance of the Premier League's established order. Newcastle may be in favour of the new rules, but they will still be well behind on spending power. Analysis by Swiss Ramble , external shows that, based on the 2023-24 accounts, the Magpies' SCR budget ranked ninth (£243m) in the Premier League.
Compare that with the big six: Manchester United (£597m), Manchester City (£580m), Arsenal and Liverpool (£449m), Chelsea (£407m) and Tottenham Hotspur (£397m). Unless Newcastle generate higher income, the status quo will always be able to spend more, paying higher wages. "Look at Newcastle 's wages of £220m [in 2023-24]," Maguire added.
"It's £100m less than Arsenal and Chelsea . And it was £200m less than Manchester City . So that is the problem.