The current rules in the Premier League, known as Profit and Sustainability Regulations (PSR), have come under intense scrutiny in recent weeks following the charging of Everton and Nottingham Forest for breaching the agreed amount of losses over three years. Despite such things as inflation and football’s financial picture changing beyond measure over the last decade or so, the rules were the same then as they were when revised rules arrived in 2013. Photographs of famous Steam Locomotives, these include Flying Scotsman, Royal Scot, The Jacobite train, Tornado and the new LNER Azuma train. Obviously reducing, or I would say, rebalancing the wage bill; getting rid of the ‘dead wood’ players that won’t feature in the first team or would be on the periphery, not naming names but we all know who they are, I reckon there are at least seven or eight of them. However, the high demand for live sport, and other entertainment, is pointing towards more promising growth for commercial and matchday revenue.

These Christmas baubles have photographs of the Angel of the North and the Newcastle Gateshead Quayside in the snow.

A new wave of stadia development is already underway across European football, funded in various ways including through minority equity sales (Paris Saint-Germain) and ringfenced private equity investment, as seen in the Spanish and French leagues.

As Deloitte published their annual Football Money Rich List, Newcastle entered the final week of the January transfer window knowing that they will have to sell players before they can bring in reinforcements. In relation to estimates and projections actual results are likely to be different from those projected because events and circumstances frequently do not occur as expected, and those differences may be material.If the plan is delivered as hoped then by the time new regulation arrives, the issues that Newcastle are currently having around ensuring they curb spending to stay compliant (even with access to enormous wealth) may lessen - and that could spell bad news for the ‘Big Six’.