Newcastle United remain focused on bringing top talent to St James’ Park this summer, but securing the long-term future of Alexander Isak is just as crucial.
Following past interest from Chelsea and Arsenal, Liverpool have now shown a keen eye for Isak, whose goal tally last season was only bettered by Mohamed Salah. Despite Liverpool’s record signing of Florian Wirtz, speculation persists that they could pursue an ambitious move for Isak.
However, Newcastle are confident in their position. The striker is under contract until 2028, and the club has slapped a huge valuation on him. With Champions League football back on Tyneside and Isak publicly expressing his contentment in Newcastle, the club believe they hold the advantage.
Still, transfer rumors are likely to continue until Isak signs a new deal. Talks are reportedly planned, and a fresh contract would mark a significant step for both sides.
Isak would become the club’s highest-paid player ever, following in the footsteps of teammates like Bruno Guimarães, Anthony Gordon, and Joelinton—who have all received new, more lucrative deals in recent seasons.
Newcastle’s 2023/24 financial report showed a 17% rise in the wage bill to £219 million, though the wage-to-turnover ratio has dropped from 95% in 2021/22 to 68% thanks to rising revenues from sponsors like Adidas, Sela, and Noon. Amanda Staveley previously described the old figure as “too high,” noting that wage inflation is a widespread issue in football.
Yet despite the improvements, only Chelsea (72%) and Aston Villa (98%) have higher ratios in the Premier League. Newcastle are still cautious about spending, acknowledging that even with Champions League revenues and growing commercial deals, they can’t financially compete with the likes of Manchester City or Liverpool in the transfer market.
This financial gap has been apparent since the 2021 takeover. In summer 2023, Newcastle added Harvey Barnes, Sandro Tonali, and Tino Livramento, but couldn’t land James Maddison or Declan Rice due to the massive wages those players commanded—moves that ultimately went to Tottenham and Arsenal instead.
Manager Eddie Howe summed it up two years ago: “When you’re in my position, the budget never feels big enough. Financial Fair Play restricts us, especially without Champions League football, and the real issue is not just the fees—it’s also wages. We’re not among the highest payers, and that limits our reach in signing elite talent.”
Since then, Newcastle’s finances have strengthened, giving them more flexibility this summer. That should allow the club to offer Isak a compelling new deal—hopefully silencing the ongoing speculation about his future.