‘They’ve done’ - Newcastle United ‘tax’ theory emerges as PIF given post-takeover appraisal
Former Everton and Aston Villa CEO Keith Wyness has hailed the Public Investment Fund for their measured approach following the Saudi-backed takeover.
Many expected Newcastle United to adopt a lavish strategy once they were given Middle Eastern investment. Superstar signings were touted from day one but the St James’ Park hierarchy decided to take a more measured approach.
Players with a high ceiling and in their early 20s were pinpointed as the players who could turn Newcastle from also-rans to Champions League contenders. The likes of Bruno Guimaraes, Sven Botman, Alexander Isak and Sandro Tonali have been the most notable signings under Saudi Arabian ownership.
FFP/PSR restrictions have prevented the Magpies from replicating what Chelsea and Manchester City did in yesteryear. Toon chiefs failed to make any major breakthrough in the summer transfer window despite being worth a reported £700billion. Watch on Shots! Geordie Journos reflect on Newcastle United takeover - three years on
That has, however, allowed Newcastle to keep their powder dry for January, with another approach for Marc Guehi reportedly on the cards. Speaking to Football Insider, former Toffees supremo Wyness has praised PIF - who own an 85 per cent stake in Newcastle - for not being reckless with their spending.
“I think, quite rightly so, they’ve focused on building a team and a team ethic,” he said. “PSR has also been an issue so they’ve had to grow revenue streams at the same time.
“The whole idea of not paying a Newcastle tax, if you like, because they’ve got rich owners, has also been part of the key issue. Not being seen to spend money recklessly otherwise people are just queuing up, whether it’s agents or other clubs. They’ve done it sensibly and they’ve tried to make sure that sort of thing doesn’t happen.”