Charnley reveals ambition – but Toon will spend wisely
Newcastle must continue to grow in the Premier League, but can only do so within their own means – that’s the message from United managing director Lee Charnley.
Having won promotion to the top flight with the biggest wage budget ever seen at Championship level, the Magpies spent relatively little last season.
That modest spend of around £45 million angered many on the terraces and frustrated manager Rafa Benitez, but the Spaniard managed to guide United to a 10th placed finish.
And having hit target no 1 – stay in the division – Charnley thinks Newcastle can progress in the top flight by spending what they have, not what people want them to.
He said: “This year was about staying in the Premier League and now it’s about growing and improving year on year, but doing that within our means.
“That’s not to say there is a lack of ambition, because there definitely is ambition, it will just take some time.
“It’s not like we’re sat on a big pot of cash keeping it for a rainy day.
“Money comes in, money goes out and what’s left is available to spend, it’s that simple.”
United’s recent accounts release revealed just how much dropping out of the moneyspinning top flight cost United in real terms.
Revenues dropped, debts increased and losses were high.
Charnley admits backing Benitez was a calculated risk which ultimately paid off.
“It would have been a catastrophe, a bloodbath,” said Charnley about the prospect of Newcastle not getting promoted from the second tier last term.
“The manager would likely have gone. This was a one-season gamble from his view as well.
“Some of the players would have wanted to go. Matt Ritchie, for example, bought into this on the basis of, ‘One year in the Championship then I am going to the Premier League’.
“And then we would have had Financial Fair Play. You cannot operate a business continually that has a wage bill higher than its turnover, it’s not sustainable.
“We’d have had no choice but to recruit Championship players. You have to reset financially. It would have taken years to get out of the Championship.”