Newcastle United have recorded a net spend of £378,676,198 since Saudi Arabia's Public Investment Fund completed its takeover in October 2021, a figure lower than any of the Premier League's established big six. The club's strategy has been to acquire players at relatively low fees and later sell them for significant profits, but that approach has not been without consequences on the pitch.
The takeover from Mike Ashley cost £305m, and since then the Magpies have focused on buying low and selling high. That model has produced several large profits on key players, yet it has also weakened the squad in important areas.
Big-profit sales
Alexander Isak, signed from Real Sociedad for £63m in 2022, was sold to Liverpool last summer for £125m, generating a £62m profit. Sandro Tonali, who arrived from AC Milan for £55m, departed to Tottenham Hotspur earlier this month for £100m. Anthony Gordon, bought from Everton for £45m, joined Barcelona this summer for £69.3m.
Money reinvested in squad
Newcastle have used the proceeds to bring in replacements. Nick Woltemade arrived from VfB Stuttgart for £69.3m, while Yoane Wissa cost £55m from Brentford. Wissa, however, managed only one goal and one assist in 19 Premier League appearances last season, illustrating the risk of inflated transfer fees. Bazoumana Traore was signed from Hoffenheim for £42.7m to fill Gordon's void, with Sean Steur (£23m from Ajax) and Aladji Bamba (£35.5m from Monaco) expected to cover Tonali's exit.
The club has also invested up to £24.6m including add-ons for goalkeeper Ewen Jaouen from Reims, aiming to address issues between the posts ahead of the new campaign.
Manager leaves as uncertainty grows
Eddie Howe left the club with immediate effect on Thursday morning, with Al-Ahli head coach Matthias Jaissle being lined up as his replacement. The sales of key players have undoubtedly impacted Howe's ability to thrive. Isak was sold on deadline day last season, leaving no proven out-and-out striker, while the departures of Gordon and Tonali will leave a major dent in the coming season.
Speculation continues over Bruno Guimaraes, with Arsenal reportedly interested. If the 28-year-old captain is sold for £85m, Newcastle would make a £42.1m profit on the £42.9m paid to Lyon in 2022, but finding a replacement with his leadership qualities would be nearly impossible in an inflated midfield market.
How net spend compares
Looking at net spend over the past five years, Newcastle sit below the big six. Chelsea's net spend is £830,399,745, Tottenham's is £737,934,355, Manchester United's is £717,137,886, Arsenal's is £697,865,356, Manchester City's is £525,107,093, and Liverpool's is £507,321,636. Newcastle's figure of £378,676,198 is the lowest. All figures are approximate and exclude transfers with undisclosed fees.
