Newcastle United: Why the club are exploring stadium options

As Miller stated, revenue and growth are the driving force in any decision. In the financial year ending June 2023, the Magpies generated revenue of £250m, a near 40% increase on the previous season, but Tottenham Hotspur recorded revenue of £549m over the same period.

Spurs opened their new 62,000-seater stadium in 2019, which is also purpose built to host NFL games, and cost £1bn. Arsenal and West Ham have both moved to bigger homes in the past 20 years, while Everton will move into theirs next season. Manchester City and Liverpool have expanded their stadiums, and Manchester United are currently exploring their options.

When St James’ Park surpassed 50,000 capacity, only Old Trafford was a bigger domestic football stadium. Now Newcastle’s home is the seventh-biggest in the Premier League, with some supporters feeling increasingly unable to get tickets for matches.

Former Newcastle United defender Warren Barton was at Newcastle the last time St James’ Park increased capacity, and says it gave the club more stature.

“The atmosphere went to another level when the last redevelopment happened,” he tells BBC Sport.

“If possible, I’d love for them to stay at St James’ Park, but you’ve got to generate the revenue, that’s the bottom line. You have to keep evolving. If you stand still, you get swallowed up.”

A new stadium could also host more sporting events and concerts, increasing revenue and job opportunities in the region, while giving the club greater opportunities for external income.

“It is 25 years since the last expansion and that’s a long time for any stadium, never mind an updated one,” says Jon Lane of the True Faith podcast.

“The concourses are quite crammed, and certain parts of the stadium are tight and congested. I love the character of the place but it isn’t just about putting an extra 10,000 seats in, it’s about updating the ground itself.

“You can spend money updating or you can build something to earn more and compete more.”