Overview

• Club representatives have begun discussions with private lenders on a debt-plus-equity package, with Bloomberg reporting a proposal around £1bn and wider cost estimates in media ranging from over £1bn to £3bn.
• Coverage from the Mail, relayed by The Sun, says PIF will not cover the entire bill, while Chronicle Live reports the final funding model has not been decided and the Reuben family would also contribute.
• Plans target a capacity in the 65,000–70,000 range, though the site is unresolved, with Leazes Park understood to be preferred internally and facing organized local opposition.
• The project remains at a pre-construction stage without a public green light, and new CEO David Hopkinson is expected to brief the Fan Advisory Board later this year.
• TBR notes that while infrastructure spending is typically exempt during construction, interest on any borrowing would likely count toward Premier League PSR calculations once the stadium opens.