Newcastle United's lack of a training kit sponsor may be down to the club looking to avoid 'harming' themselves in what is a lucrative market.

With several items of training kit released to the public this season, and proving popular, many have questioned why the club are yet to sign a deal with a company for the space on the front of the tracksuits, hoodies or jackets. Out of the 20 Premier League clubs, only Aston Villa are on the list alongside Newcastle still yet to have announced a training kit sponsor.

Such deals can prove to be worth several millions pounds with Chelsea's two-and-half-year agreement with Crypto Currency firm BingX being worth a reported £12 million annually. Newcastle have moved to secure impressive deals - brining Adidas back to the club - as well as striking several important commercial deals with the likes of Red Bull and Noon but have yet to follow suit with the majority of the Premier League when it comes to training ground gear.

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Speaking on The Everything is Black and White Podcast, Reach PLC's Chief Business of Football Writer Dave Powell explained why Newcastle are right not to hand over the space for less money than they should.

"If you look at why Chelsea haven't got a [first team] sponsor this season, it was because the offers on the table were less than what they felt that the actual the inventory was worth. If you take a lesser amount, you run the risk of harming yourself in the market.

"I wonder whether Newcastle are trying to ride that one out and then maybe ask for a significant amount money for it [later on], because training kit sponsorship is lucrative but it be more lucrative with the club making strides and adding big players, whether that's in the summer or the following summer than it would be in the current market because usually these deals are 4 or 5 years.

"I wonder whether they've got bigger plans to really grow the clubs in stature. So then they'd be able to ask for significantly more from those type of sponsorships."

Newcastle's revenue according to projections from The Deloitte Money League stands at £314 million representing a significant increase of £64 million from the year before when it was calculated at £250 million.

The increase came in some part to Newcastle taking part in The Champions League - reaffirming the importance of the competition if the club are going to continue to grow.

Powell added: "The Public Investment Fund doing things by piecemeal, bit by bit, is probably the way to go to get the club to a point where these bigger deals are the norm.

"We have seen revenue increase significantly - now you're not going to be able to achieve that year on year but if you go back to some of the deals they had previously, I think we've seen the end of the days where betting companies were the primary source of revenue.

"It's going to be bluechip Gulf companies and that is really going to help [grow the club.] You also have major companies like Adidas who are going to help drive Newcastle's revenue forward, and the more they can offer to commercial partners, whether that's in a stadium or whatever, is going to be important.

"I do think we're going toward the next phrase of growing commercial revenue by changing the infrastructure and investing in St James' Park."