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PIF unveil £48bn stadium plan as Newcastle get major St James’ Park expansion clue
Newcastle United have received a major clue about the future of St James’ Park amid confirmed plans to expand the historic ground.
St James’ Park has been Newcastle’s home since 1892, undergoing three major renovations in that time.
The latest, which took place between 1998 and 2000, saw capacity at the stadium climb to 52,350, making it the seventh-largest stadium in the Premier League today.
But since the Saudi Public Investment Fund‘s £305m takeover in October 2021, there has been constant talk of lifting that capacity – or potentially moving to a new home altogether.
While Newcastle fans naturally have an affinity to the ground in its current form, the benefits of a revamp are obvious.
Improved matchday income and the associated commercial benefits would allow Newcastle to spend more under Premier League Profit and Sustainability Rules.
Earlier this week in a rare media appearance for a Premier League chief, Newcastle CEO Darren Eales revealed that the club are still awaiting the results of a feasibility study regarding St James’ Park’s future.
And thanks to an even more recent update, Newcastle fans have got a clue about what sort of stadium PIF might want to construct on Tyneside.
Saudi stadium plan hints at Newcastle ambitions
As they are running unopposed, Saudi Arabia are set to host the World Cup in 2034, making them the second Gulf nation to do so after Qatar in 2022.
Like Qatar, Saudi will spend billions of petrodollars on new infrastructure to facilitate a landmark moment in their history.
In the latest news, as relayed by , PIF have now unveiled the blueprint for one of the stadiums set to stage matches in 2034, the Murabba Stadium in downtown Riyadh.
The arena is set to open in 2032 and is part of a regeneration project in Murabba which is predicted to add £48bn to the national economy.
The striking development is inspired by Acacia tree and will host both sports and entertainment events.
The futuristic stadium further illustrates what PIF value in a capital expenditure project.
Any redevelopment of St James’ Park is also expected to enable the club to host more non-football events.
And, like the Murabba Stadium, redevelopment of the 132-year-old stadium will also include amenities to enable fans to spend more time at the ground beyond 90 minutes.
Think: fan zones, restaurants, retail outlets and events spaces.
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TBR Analysis: How much can Newcastle earn from expanded St James’ Park?
Newcastle generated £38m through the turnstiles in 2022-23, the last season for which full financial data is available.
That figure will have risen again by the time it comes for the club to release its 2023-24 accounts, which are due early next year.
That is thanks to their Champions League participation, which yielded three ultra-lucrative extra matchdays at St James’ Park.
An expansion to closer to 60,000 could easily see the club generate £60m in a similar season in which Newcastle compete in Europe – and that is at the conservative end of the spectrum.
There are also a number of associated commercial benefits of having a shiny new stadium, as Spurs have discovered in recent years.
A stadium naming rights deal, perhaps with one of the companies in PIF’s astonishing £800bn portfolio, could be worth up to £20m per season, for example.