I was interesting to read the article on Wednesday on The Mag about Newcastle United and the so-called Premier League Big Six (‘Deloitte reporting truth of Newcastle United gaining on Arsenal, Spurs, Chelsea, Liverpool, Manchester City, Manchester United’).
What I have written below, I actually put it together months ago when I first read the 2026 Deloitte Football Rich List report.
There was a post on The Mag that I read earlier in the year and the more I looked, the more I could see it was missing something bigger.
Because actually the author missed the sleeping giant waking up!
The article yesterday talked about the Deloitte reports, the last five available seasons of accounts (2020/21 to 2024/25 for Newcastle United and the Premier League Big Six.
That article looked at the cash difference between what the Newcastle United turnover was in 2020/21 and the change by the time we got to 2024/25. Then compared that NUFC rise in cash terms over five seasons when it came to turnover, to each of Arsenal, Chelsea, Spurs, Liverpool, Manchester United and Manchester City.
Premier League Big Six and Newcastle United revenues 2020-2025
Deloitte Football Money League Revenue
(Best viewed in Landscape mode)
| Club | 20/21 | 21/22 | 22/23 | 23/24 | 24/25 |
|---|---|---|---|---|---|
| Man City | €645m | €731m | €826m | €842m | €829m |
| Liverpool | €550m | €702m | €826m | €718m | €836m |
| Man Utd | €558m | €689m | €746m | €781m | €793m |
| Arsenal | €367m | €434m | €533m | €675m | €822m |
| Spurs | €406m | €523m | €632m | €649m | €673m |
| Chelsea | €493m | €568m | €589m | €561m | €584m |
| Newcastle | €170m | €212m | €288m | €352m | €398m |
How Newcastle United have performed financially against each of the Premier League Big Six in cash figures.
Manchester City
The gap in 2020/21 was €475m (more than Newcastle) and €431m in 2024/25.
Liverpool
The gap in 2020/21 was €380m (more than Newcastle) and €438m in 2024/25.
Arsenal
The gap in 2020/21 was €196m (more than Newcastle) and €424m in 2024/25.
Chelsea
The gap in 2020/21 was €323m (more than Newcastle) and €186m in 2024/25.
Manchester United
The gap in 2020/21 was €388m (more than Newcastle) and €395m in 2024/25.
Tottenham
The gap in 2020/21 was €236m (more than Newcastle) and €275m in 2024/25.
MY CONCLUSIONS
I decided that actually it probably would help more to break our figures down to a percentage of their revenues because this would give a better idea if we were, or were not, closing the gap overall.
If you look at Arsenal performing and growing their revenue exponentially it seems looking at the figures they have outgrown us, however, were you to break it down as a percentage then perhaps it might be more interesting.
Man City in 20/21 – we had 26% of their revenue…. 21/22 – 29%, 22/23 – 34%, 23/24 – 42%, 24/25 – 48%. Which means we’ve been closing the gap constantly there.
Liverpool 20/21 – 31%, 21/22 – 30%, 22/23 – 35%, 23/24 – 49%, 24/25 – 47%
Man U – 20/21 – 30%, 21/22 – 30%, 22/23 – 38%, 23/24 – 45%, 24/25 – 50%
Arsenal 20/21 – 46%, 21/22 – 48%, 22/23 – 54%, 23/24 – 52%, 24/25 – 48%
Spurs 20/21 – 42%, 21/22 – 40%, 22/23 – 45%, 23/24 – 54%, 24/25 – 59%
Chelsea 20/21 – 34%, 21/22 – 37%, 22/23 – 48%, 23/24 – 62%, 24/25 – 68%
So as you can see, if you break it all down to percentages we HAVE been closing the gap on the septic six consistently on nearly all the teams within it and keeping up pace with Arsenal and not really letting them get ahead of us.
All Arsenal have really done is increase their revenue to similar levels to Man C, Man U and Liverpool who we are naturally closing down on.
Seeing this in black and white would likely scare all those clubs’ owners to do anything they possibly could to stop Newcastle United.