'Anti-competitive' - Newcastle United face £280m FFP ‘black hole’ that could limit PIF transfer spending

Set to be introduced next season, the changes will see Premier League clubs align closely with UEFA’s squad-cost-ratio model. Those competing in Europe will be able to fork out 70 per cent of their revenue, while the rest can spend 85 per cent.

A new anchoring system will also introduce a de facto spending cap linked to the earnings of the bottom club’s TV and prize money. For the average fan, restrictions are becoming increasingly convoluted and infringing on what made the Premier League the best in the world.

Newcastle are one of the most vocal adversaries for FFP/PSR restrictions in its current guise. Had the Saudi-backed takeover taken place a decade earlier, the Public Investment Fund would have been able to bankroll the Magpies to European dominance with ease.

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However, intrusive measures have limited PIF’s muscle in the market, much to the frustration of supporters. Despite having owners worth over £700billion, Newcastle were razor close to breaching the three-year limit and being slapped with a points deduction in July.

Monetary guru Maguire believes the incoming system will do little to silence those wanting looser guidelines. The Magpies could face a staggering £210million “black hole” that handicaps them against their Premier League rivals.

“For me, the rules are anti-competitive,” he told the Price of Football podcast. “If we take a look at the new rules that are coming in, with 70 per cent of revenue being paid on wages, Manchester City’s revenue is £700million (so) 70 per cent of that is £490million.

“Newcastle’s revenues, even with the deals they have managed to get through, are, say, £300million (and) 70 per cent of that is £210million. The likes of Manchester City, Liverpool and Manchester United have a £280million wage advantage to begin with. How do you reduce that?”