Newcastle’s owners pump £70MILLION into club ahead of January transfer window as they continue overhaul

NEWCASTLE’S owners have pumped a further £70.4million into the club as their Saudi revolution gathers pace.

Toon chiefs are looking to build a side “that can compete consistently at the highest levels of English and European football”.

But instead of bankrolling a January spending spree, the Champions League-chasing Magpies insist this latest raft of cash will be used for “infrastructure and day-to-day operations”.

The Saudi Arabia-led consortium bought Premier League Newcastle for £305m last October.

And this latest funding takes their total investment to over £450m.

That is after making similar cash injections in November 2021 and January 2022.

Newcastle are upgrading their run-down training ground as they look for a new permanent site.

A number of improvements to St James’ Park have also already been completed.

They have also pledged further backing as they seek to rebuild the Tynesiders following years of decline under former owner Mike Ashley. 

And CEO Darren Eales said: “We are at the beginning of a long-term plan that aims to build a club that can compete consistently at the highest levels of English and European football.

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“We need to develop the whole business, as well as the playing squad.

“And we need to do so while adhering to the Financial Fair Play rules.

“This additional investment further enables us to continue implementing the business plan.”