Newcastle United's stadium decision will be made 'relatively soon' - but any move away from St James' Park will 'start with the fans'.

That's the update from chief commercial officer Peter Silverstone, who was speaking at the Financial Times‘ Business of Football Summit yesterday. Silverstone is a key figure behind the scenes and has been part of the discussions over whether to extend St James' or move to a purpose-built new ground in the city centre.

Chronicle Live understands that a redevelopment of the Gallowgate would help increase St James' Park capacity to around 62,000 while a new super stadium, with plans to house it on Castle Leazes and some of the existing site, could create a 70,000 venue at a cost of around £1.2billion. No decision has been made yet, but Silverstone has admitted that D-Day is looming.

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A series of meetings have taken place this week at Matfen Hall, in Northumberland, involving chairman Yasir Al-Rumayyan, Darren Eales, Silverstone, Brad Miller and others representatives from majority owners the Public Investment Fund (PIF). Top of the agenda was the stadium.

Silverstone has the vital role of leading United's commercial growth, with the Magpies still trailing the Premier League's traditional big six by a long way. A new stadium or expanded St James' would help reduce that gap, while fresh lucrative sponsorships - including potential naming rights to the stadium and training ground - are being considered by Silverstone.

He confirmed, however, that while PSR issues are at the forefront of Newcastle's decision-making, the fans will be consulted ahead of any call and that satisfying an 'intense fanbase' is the main reason behind the stadium move. With several thousand supporters unable to get Premier League matchday tickets, it has created a demand that the club want to meet.

“I wouldn’t say (the stadium call) is a dilemma, it’s an opportunity," Silverstone told the Business of Football panel on Thursday, via the ipaper. "That opportunity is to meet demand.

“Richard Masters talked about the Premier League having an audience of 1.4billion. We have the interest and audience of a very passionate city. We are a one club city and therefore we fortunately have an over demand for our stadium currently so we need to look at ways of both satisfying that and allowing as many fans to come in and enjoy the atmosphere of Newcastle and watch their team and then obviously, as everyone has talked about, try and maximise the value in return for ownership.

“We’re at that point where we’re deciding ‘Is it best to renovate and re-invigorate St James’ Park’ – which is renowned as one of the most atmospheric stadiums in the country – or build a new stadium as these projects have shown and other clubs in the Premier League have done.

“That is a decision which will be made relatively soon. What’s clear is we need to satisfy that demand. Every week we have a very intense fanbase which is determined to come and watch Newcastle but can’t.

“So you start with the fans and how we can service most of them and then look into what’s the best option from that.”

A key date for the diary will likely arrive in mid-March when the north east outfit host another Fan Advisory Board [FAB] meeting where representatives can put their questions to the club's top brass. The last meeting took place in November, with Silverstone, Miller and other top Newcastle executives answering queries from the FAB representatives at St James' Park.