Since Saudi Arabia’s Public Investment Fund acquired Newcastle United in October 2021, the club has embraced a new era of big spending in the transfer market. The 2024 summer transfer window may have been relatively quiet, but Newcastle’s new owners have already shown a willingness to make major financial investments.
In fact, four of Newcastle’s five costliest signings in history have come under the new ownership. This includes standout acquisitions like Alexander Isak, a record-breaking £63 million signing, and Italian midfielder Sandro Tonali, who joined for £55 million. In contrast, before the takeover, Newcastle was far more conservative in spending, often acting as a selling club rather than splashing millions on top talent.
Historically, Newcastle has not only invested wisely but also earned significant profits through player sales, particularly during the Premier League era. Of their top eight most lucrative sales, three were completed in just the last two summer windows. Notable recent departures include Elliot Anderson to Nottingham Forest, fetching over £35 million, and Yankubah Minteh, who moved to Brighton in the 2024 summer window. Allan Saint-Maximin also made headlines with his 2023 departure to Al-Ahli, though he now plays for Fenerbahce. Some of the club’s other major sales go back further, such as Yohan Cabaye’s £20 million transfer to PSG and Georginio Wijnaldum’s £25 million move to Liverpool.
One particularly notable sale in Newcastle’s history was that of Andy Carroll, which, in hindsight, proved to be highly advantageous. The academy graduate and powerful striker enjoyed two stints at St James’ Park, with 134 appearances, 34 goals, and 26 assists in his Newcastle career. After making his Premier League debut in 2006/07, Carroll scored his first goal in January 2009. Following Newcastle’s relegation that season, he thrived in the Championship, tallying 17 goals and 12 assists to help secure the Magpies’ immediate promotion. In the Premier League, his impressive performances continued, including a hat-trick against Aston Villa in the 2010/11 season. His displays even earned praise from Newcastle legend Alan Shearer, who called him “unbelievable.” Carroll’s form caught Liverpool’s attention, leading to a £35 million move in January 2011—a club-record sale equaled only by Anderson’s recent move to Nottingham Forest.
Carroll’s transfer to Liverpool, however, didn’t pan out as hoped. He scored only 11 goals in 58 appearances before eventually returning to Newcastle after a stint with West Ham. In his second spell at Newcastle, he managed just one goal, and today, Carroll is playing for Girondins Bordeaux in France’s fourth tier following the club’s financial struggles. With Transfermarkt currently valuing him at a mere £200,000, the decision to sell him for a record fee remains one of Newcastle’s shrewdest moves. Carroll was never able to replicate his prolific form outside of Newcastle, and looking back, the sale was clearly beneficial for the club in the long run.
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