Newcastle United supporters will need a little more patience as the long-running discussion over the future of St James’ Park continues to stretch on.
For more than two years, the club’s ownership has been weighing up two major options: either expanding and modernising the historic stadium or building an entirely new ground elsewhere.
Fans were originally led to believe that a decision would arrive in early 2025, but the scale and importance of the project have made the owners cautious. St James’ Park is not just a football ground. It is a cultural landmark, and any choice regarding its future demands absolute certainty.
A new layer has now been added to the situation after it was revealed that Newcastle have given UEFA strong assurances that the stadium will remain fully in place by the summer of 2028.
The i Paper reported on 13 November that the club has committed to hosting five matches during Euro 2028 and have guaranteed that their home ground will remain unchanged during the tournament.
There had been hesitation from Eddie Howe’s team earlier in the year due to the uncertainty over future plans, but Newcastle have now stepped forward as one of the host venues. That alone tells supporters that any rebuild or relocation is still years away.
For many, the bigger question is why decisions around the stadium have taken longer than expected. Former Manchester City financial adviser Stefan Borson openly expressed his surprise, explaining that the Saudi Public Investment Fund, who own the majority stake at the club, have been more cautious and slower in their approach than many anticipated.
Given PIF’s vast financial strength, Borson expected a faster, more aggressive push toward a long-term stadium solution, possibly even starting from the moment they took control.
He noted that in many ownership models, the first major step would have been submitting a planning application for a state-of-the-art ground that would boost commercial revenue and support higher spending under financial regulations. Instead, the process has been slow and measured.
The preferred long-term option, according to several reports, is the construction of a nearly 70,000-seater stadium in nearby Leazes Park. This would dramatically increase matchday earnings and allow Newcastle to compete financially with Europe’s biggest clubs.
Yet Borson pointed out that such a project cannot realistically be completed before 2028, which aligns with the club’s promise to UEFA. He emphasised that while PIF and the Reuben Brothers have the wealth to fund almost any plan they want, their deliberate approach suggests they understand the emotional weight attached to St James’ Park and the need to get the decision right.
Elsewhere, other major clubs are moving forward at a faster pace. Manchester United, for example, have already announced their intention to build a brand-new 100,000-seater stadium as part of a wider regeneration project around Old Trafford.
Their decision even forced them to pull out of the Euro 2028 host list. Newcastle, however, have chosen a different path, opting to maintain stability for now while continuing to study the long-term solution.
Despite the ongoing uncertainty, progress is being made behind the scenes. Newcastle have opened discussions with lenders regarding potential financing for the enormous project. Whether they choose to renovate or relocate, the cost will likely exceed £1 billion.
Even with that price tag, Borson has previously said that Newcastle can borrow whatever they need thanks to the financial strength of their ownership. Beyond PIF’s major involvement, the Reuben Brothers’ minority stake adds another powerful layer of financial backing.
The picture at St James’ Park is already impressive from a financial standpoint. Newcastle posted record-breaking revenues in the 2023-24 season, with overall turnover jumping from £250 million the previous year to £320 million.
Matchday income alone rose from £38 million to £50 million, highlighting the strong demand for tickets and the loyalty of supporters who fill the ground every week. Yet even with those numbers, it is clear Newcastle are outgrowing their current home.
As fans wait for clarity, the message seems obvious: St James’ Park will stay in place for now, the club will keep working quietly behind the scenes, and when the final decision comes, it will shape Newcastle’s future for decades.
