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What Newcastle United's transfer budget should be this month, as revealed by football finance experts

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Despite the above, an absence of trophies and two very costly relegations, Newcastle United’s economic track record is relatively good.

The Premier League is in the middle of what may turn out to be a transformational period in its history.

£115m pa) then we need to deduct £2.9m from the economic profit number leaving us with an overall economic profit balance of £2.9m.

With the announced candidate refusing to take up the position of Chief Executive, a domestic TV deal which we estimate fell short of the predicted valuation by £500m (with a decreasing broadcast unit cost charged by the Premier League – see below) and the continued threat of the top clubs breaking away from the ‘Great Unwashed’ - as Chelsea’s Chairman Bruce Buck might call them - to join a potential Super League, not to mention the clear and increasing financial imbalance between the top clubs and the rest, the background conditions for a Premier League club sale have never been more fluid.

Indeed, our own work has established a strong relationship between the economic profit outcome, on-pitch performance and relegation so the dips in economic profit performance are not that surprising.

Set out below is the economic profit performance (economic profit = net operating profit (NOPAT) less a charge for ALL of the capital used by the club) which includes all of the costs of doing business for the division since 2009.

Indeed the Premier League is not the money-making machine that many will have you believe.
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