Is building a new stadium a way around spending rules?

For Newcastle, a club which this summer has effectively had to sell some of its best players in order to stay within the financial rules, the argument over moving to a new purpose-built stadium is compelling.

Back to some number crunching:

"For the 2024-25 season Newcastle's matchday income was £52m. Manchester United's was £160m, Arsenal's £154m, Spurs' was £126m.

"If you're £100m behind your competitors, the only way to address that is either to be super smart or to charge more money for the product.

"How can Newcastle increase the yield per fan and still be loyal to the Gallowgate hardcore? You need to be able to offer a different product and St James' Park wasn't built for a corporate audience."

Will the fans back a move though?

Newcastle supporter Charlotte Robson has mixed feelings.

"I think we can host gigs at St James' Park but probably not on the scale of Spurs or West Ham's London Stadium.

"I don't think it would be stupid to move from the ground but I think there is so much identity for Newcastle fans who are attached to St James' Park that it would break a lot of hearts to move the ground in any significant way."

Along with increased matchday revenue, clubs weighing up whether to move will also hope to make more commercial revenue - but Maguire is cautious.

"Spurs have got the advantage that they're in London - a huge tourist trap. They are also a club with a global fanbase, so it works there.

"Is that going to work elsewhere in the country where you've got a more localised fanbase and where there is resistance to putting up prices for tickets? Then it becomes more challenging.

"We have seen a substantial increase in the costs of putting stadiums together, but there still seems to be an appetite for it."