'I'm amazed' - Keith Wyness stunned by reaction to Newcastle selling St James' Park

Newcastle United selling St James’ Park should have caused more outrage from the media, according to Keith Wyness.

The former Everton chief executive, speaking exclusively to Football Insider, is shocked that the move by Newcastle’s Saudi ownership has not been scrutinised further.

Newcastle sold their stadium for £172million to PZ Newco Holdings last year, it was revealed on the release of their 2024-25 financial accounts.

The future of St James’ Park has been up in the air, with plans in place to potentially build a new stadium on Leazes Park.

The sale of the stadium though improves Newcastle position with financial rules, although UEFA could investigate and fine the club over the move.

Newcastle ‘relying on existing ownership’ after stadium sale

Everton’s former chief Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – believes Newcastle’s stadium sale is a “big story” which should have been more widely covered.

Speaking on the new edition of Football Insider‘s Inside Track podcast, Wyness states that the move has made a “big difference” to Newcastle’s position with profit and sustainability rules [PSR].

He told Football Insider‘s Inside Track podcast: “This is not a small footnote to be put away in the accounts.

“This is a big story, and I’m amazed that the media haven’t gone bigger on this, that St James Park, the home of the club, has been sold to the ownership group.

“Now, I know that other clubs have done something like this before in terms of PSR, but given the Alexander Isak money that came in, you’d have thought that they’d have been able to manage it a little bit better than they had done.

“Certainly the stadium deal has made a big difference in PSR and given them a lot of headroom now going forward. For St James’ Park to be sold and the lease no longer being with the club, that is something that’s got to be understood.

“Is it really genuinely needed as part of the development of a new stadium, because there’s still potentially the redevelopment of St James’s Park, which is a very real option we’re led to believe.

“Therefore, that would be the home of the club that you’re then relying on the existing owners to be doing the right thing for the club for a long time to come.”

Future of Newcastle under Saudi ownership in doubt

There had been speculation by Richard Keys that Newcastle’s Saudi ownership could be looking to sell the club.

Bids of over £500m could be considered, as their project of building the club to become one of the best in Europe may not have gone as quickly as they had hoped.

Wyness told Football Insider that he believes Newcastle’s ownership will not sell the club, but that they need to show further commitment to the project.

It has been a frustrating season on Tyneside for the Magpies, with no European football next season set to hit revenues, and potentially their ambitions in the summer transfer window.

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