Newcastle United chief operating officer Brad Miller has revealed that the club's hierarchy are "seriously" considering leaving St James' Park and building an entirely new home stadium.
The Premier League outfit have been at the same venue since 1892. The iconic ground squeezed right in the middle of the city was last renovated in 2000 and is equipped with 52,000 seats, making it the seventh-largest stadium in England's top flight.
The club's ambitious owners are actively exploring options of an expansion or a new venue.
"It is a once-in-a-lifetime opportunity," Miller told more than 2,000 supporters at a fan event on Wednesday. "Do we invest and transform St James' as we see it today on the site where we are? Or do we take that bold move and think about moving?"
St James' Park is sold out every week, underscoring the demand for a larger venue. The club explored a move to Leazes Park back in 1997 and that nearby location has been touted as a potential site for Newcastle's new ground.
"In terms of next steps, we are coming towards the end of the next stage, the briefing stage," Miller explained. "We have to take time to dig into those and make sure we've got the devil in the detail - in terms of the programme, how long it will take and what it will do for us in terms of revenue."
Newcastle's COO added: "The brilliant thing about St James' is it is in an iconic location, the atmosphere and the competitive edge it gives the team on the pitch, and it has 52,000 seats already.
"But a new stadium doesn't have that and we'd have to pay for all those seats again. A new stadium has the potential to earn a lot more, both on matchdays and non-matchdays."
Despite being owned by the immensely wealthy Saudi Arabian Public Investment Fund, Newcastle cannot spend recklessly due to the Premier League's profit and sustainability rules (PSR). Any stadium work - be that a renovation or relocation - will impact Newcastle's ability to operate in the transfer market.
"It is all about revenue and PSR," Miller conceded. "We have to work hard to make sure we give as much money as possible to Paul [Mitchell, Newcastle's sporting director] and the football side in order to remain competitive on the field."
The Magpies have several saleable assets who could quickly raise funds. Alexander Isak is a long-term target of Arsenal and Bruno Guimaraes has attracted interest from Manchester City. However, Newcastle's stance on any potential deal for their star players suggests that the club expect to still have them in black and white stripes if and when they leave St James'.
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