What if there’s another way? | OneFootball

Before I dive into some thoughts that may spark disagreement, let’s start with one we can all likely agree on:

PSR restrictions are not fit for purpose and have become a blight on the modern game.

Originally introduced to prevent financial overextension and bankruptcy, PSR rules now serve a very different purpose, stifling growth and, some might argue, protecting the ‘Premier League big six‘.

At Newcastle United, our financial backing means bankruptcy isn’t even a remote possibility, yet we are among the hardest hit by these restrictions.

Three transfer windows with barely a penny spent, top talent lost to rivals—if that’s not proof of a broken system, what is?

Other Premier League clubs have similarly been affected when it comes to their transfer activity.

Plus, as Eddie Howe pointed out, we now face the absurd reality of clubs being incentivised to sell academy graduates just to stay compliant.

The club has worked relentlessly to stay within the arbitrary PSR lines, at the cost of minimal incomings and painful outgoings, these last three windows in particular.

Maybe that’s just how it has to be. Or maybe, just maybe, there’s another way.

Imagine rolling back the clock to the start of this 2025 January transfer window.

We’re sitting in a European spot, looking ahead to the summer, knowing that if we miss out on Europe, we risk losing key players like Bruno and Isak. We recognise that our squad depth is paper-thin, that a few injuries could completely derail us, but instead of playing it safe (as we did), we go for it. We spend—carefully, smartly, strategically—but we invest in real quality.

Fast forward to the end of the season. It’s reasonable to assume that with our new players we perform better than we would have otherwise done and manage to secure some form of European place. Bruno and Isak are safe (Probably).

Then comes the reckoning.

PSR deductions are tough to predict, but here’s what we do know: Everton were slapped with a 10 point deduction (later reduced on appeal to six) for exceeding the allowable loss limit. Nottingham Forest took a four point hit for overspending.

With Almiron and Kelly funds included, could Newcastle United maybe have got away with spending a decent amount in this window just gone? A bit risky?

And yet, look at Forest. Promoted just a couple of seasons ago, they gambled, overspent on a raft of players, took their points deduction, survived relegation, then came back the next season stronger than ever. They’re now arguably reaping the rewards of the very players they “overspent” to bring in. Wood and Elanga cost about the same as their PSR overspend and they’ve delivered far more points than the ones deducted. That’s the beauty of this approach: a points penalty lasts one season, but investment in quality players pays off for years, whether on the pitch or in the transfer market.

Obviously, essential to this strategy is staying up, but let’s be real—last season wasn’t exactly spectacular, yet we still finished 33 points clear of the drop zone. Is relegation really a serious concern?