I saw Darren Eales make a major Newcastle United U-turn on transfers - here's what he told me
Newcastle United’s 2023-24 financial results are in and chief executive officer Darren Eales was quick to address the media this week and talk us through it.
After having roughly an hour to trawl through Newcastle’s 2023-24 financial results, I was one of a dozen or so members of the media invited to speak to Eales through a Microsoft Teams call on Tuesday afternoon. The same happened last year, when Eales may as well have joined the call with a big ‘for sale’ sign having admitted that every Newcastle player ‘has a price’.
Whether that was the intention or not, it certainly got alarm bells ringing and rightly so as Newcastle’s financial situation - while healthy - was dangerously close to breaching Premier League Profitability and Sustainability Rules. When Eales spoke to the media last January, Newcastle were set to break PSR and would have had it not been for the 11th-hour sales of Yankuba Minteh and Elliot Anderson.
This year, after three quiet transfer windows and record financial results, the message was very different from the Newcastle CEO.
Darren Eales’ Newcastle United message has changed
There was no bombshell ‘every player has a price’ admission this time, instead Eales stressed that the club would be ‘crazy’ to consider selling top stars such as Alexander Isak this summer. The 52-year-old even admitted his ‘annoyance’ at the constant transfer speculation surrounding the striker - who remains under contract until June 2028.
A new deal at the end of the season is a possibility.
And that’s because the finances at Newcastle look good on the whole. The Magpies posted a club record revenue of £320million for the 2023-24 season while limiting losses to just over £11million. As such, Eales teased that he was ‘excited’ for what was to come in the summer transfer window.
The message on the whole was positive, as you would expect from a club that continues to progress financially. Though Eales still highlighted the gap Newcastle need to bridge to catch up with the so-called big six.
Crisis club Manchester United have just posted revenue figures of more than double Newcastle’s at £661million for the 2023-24 season. In a PSR world dictated by revenue, this is what Newcastle are up against.
Newcastle United updates from Darren Eales
There are big questions surrounding the future of St James’ Park, the training ground and even Eales’ position as CEO. But the updates were only slight at best.
“We're looking to get something done in the near future but I can't really say any more than that,” Eales said on St James’ Park.
On the training ground, he added: “We're doing a lot of that work that you need to do in the background to be in position when we've identified the site that's appropriate to then go with full speed.”
As announced last year, Eales is set to step down as Newcastle CEO due to health reasons.
“I’m doing well,” Eales explained. “I’m focused on that transition [to a new CEO] which is why I’m working my notice and made the statement I did.
“The ownership are doing the search for the new CEO and my focus is on business as usual and giving as smooth a transition as is possible for the new person coming in.”
All positive at Newcastle United?
Based on Eales’ media briefing, you would think everything was very positive at Newcastle - yet that doesn’t reflect the general feeling amongst supporters at the moment. From a business point of view, the club are continuing on an upward trajectory but on the pitch, things have stagnated slightly.
Missing out on Europe last season followed by inconsistency either side of a nine-game winning run this campaign has caused some unrest amongst supporters. The club have a Carabao Cup final on the horizon but suspension to Anthony Gordon and an injury to Lewis Hall have certainly dampened some spirits - the side’s poor form since reaching Wembley hasn’t helped.
The finances are all well and good but the everyday fan is more concerned about their own finances and what is actually happening on the pitch. With rising ticket prices, memberships, merchandise and travel, supporting Newcastle United isn’t cheap.
And if what fans are getting in return for their hard-earned money is a lack of transfer activity and limited progress on the pitch - it is no wonder some are feeling slightly aggrieved.
Head coach Eddie Howe has admitted himself that there’s a risk of things becoming stale at the club.
This is where my question to Eales came in. With fans such a key part of Newcastle, what would the club say to supporters to ensure they remain engaged and willing to keep investing their money under the threat of staleness?
But in his response, Eales strived to be the voice of reason.
“Well I'd say this season's been a good season,” he said. “We've equalled our record number of consecutive wins in the top flight with nine.
“We've obviously got a final coming up on the 16th of March, so that's our second final in three years when we haven't made one for over 20 years. We're disappointed in getting knocked out of the FA Cup.
“I think every season under Eddie, we've gone on a cup run - it's been really impressive. You can see it with the players that we have out on the pitch, whether it's Sandro Tonali or whoever.
“Being frank, compared to pre-takeover, I think it's night and day. So, I think from that perspective, we're on our journey.
“I get it, it's football from match week to match week there's ups and downs, and there's highs and lows. But if you look at the trend and you look at the squad that we've got in terms of this season and the players we've got in key positions, it speaks for itself.
“We've got an amazing manager in Eddie, who's done remarkable since he joined the club. So, from my perspective, I'd say it's really positive.
“And I think you're right, though, there's always going to be a balance because that's the nature of when we're looking at things. But I do think, you know, compared to the days when we had to give away season tickets for people to come and watch the team, it is chalk and cheese.”
It’s hard to argue with that.