Newcastle United have confirmed that the club’s owners have invested a rurther £70.4m into the club.
The club’s owners PIF, PCP Capital Partners and RB Sports & Media have brougth their investment into the Tyneside giants to £450m to date – since taking charge of the club little over 12 months ago.
The club say the new cash injection will be used across all aspects of the club, including improvements to St James’ Park and investment into the playing squad.
Darren Eales, Newcastle CEO, said: “We are at the beginning of a long-term plan that aims to build a club that can compete consistently at the highest levels of English and European football.
“We need to develop the whole business, as well as the playing squad. And we need to do so while adhering to the Financial Fair Play rules. This additional investment further enables us to continue implementing the business plan.”
Newcastle spent over £120m during the summer transfer window just gone, including a club record purchase of Alexander Isak. They are anticipating making more moves in 2023 to further help head coach Eddie Howe in his push for a top-six finish.