Newcastle United's stadium plans could prove a 'game-changer' as the club look to bridge the gap on their rivals.

Newcastle brought in €68m (£57m) in match day income last year, according to Deloitte, while the Magpies generated €90m (£75.5m) in commercial revenue in the same period. These figures helped contribute to a club-record turnover north of £300m, but Newcastle still have a long way to go.

There are obvious caveats when comparing Newcastle to a London club, of course, but Spurs made €123m (£103.1m) in match day income in 2024, according to Deloitte. Spurs also raised €297m (£249m) in commercial revenue with the help of the Tottenham Hotspur Stadium, which has staged big-name concerts, become the official home of the NFL in the UK and hosted the first F1 branded electric karting experience in the world.

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Spurs may be floundering on the pitch at the moment, but the Lilywhites nonetheless have a greater capacity to spend as a result. That gap is one of the reasons why Brad Miller, Newcastle's chief operating officer, has stressed the Magpies' chosen stadium scheme 'must provide an investable return and not least deliver strong revenue growth to increase our PSR headroom'.

Miller previously revealed that a 'transformed' St James' would bring in 'significantly more money' while a new stadium 'not too far away' has the potential to earn more than twice as much with a lot more seats to boot. Whichever option Newcastle plump for, boss Eddie Howe reiterated last week that the black-and-whites need world-class facilities 'if the club's ambitions are to be realised'.

"Our stadium is fantastic now and I love playing there but if we are to improve, whether that means staying or leaving, whatever the outcome, trying to bring world-class facilities here will be a game-changer for us," he said.

A number of clubs in Deloitte's Money League cited the impact of infrastructure investment as a key driver of revenue. The completion of renovation works to the Bernabeu helped Real Madrid's match day revenue surge by 103% - aided by the marketing of personal seat licenses - while Liverpool have seen match day income grow from €103m (£86.4m) to €132m (£110.7m) since Anfield was expanded. Non match-day events have also boosted Liverpool's commercial income; Taylor Swift and Pink played at Anfield last year and Bruce Springsteen, Dua Lipa, Billy Joel and Lana Del Rey are all scheduled to have concerts at Liverpool's home this summer.

Overall, match day revenue grew 11% year-on-year for Money League clubs in 2024, which made it the fastest growing income stream in Deloitte's report. It is hardly a surprise, then, that sides like Newcastle are weighing up their options.

"It is reflective of an increased industry-wide focus towards creating stable and diversified revenue streams through stadia utilised beyond matchdays," Deloitte noted. "In addition to increasing capacity to service excess demand, clubs are focused on building smarter entertainment destinations that deliver better experiences for players, artists, fans and the wider community throughout the year."