Newcastle count the cost of Euro failure

A FOOTBALL finance expert believes Newcastle’s failure to reach the group stage of the Champions League could send the club into a downward spiral.

The Magpies lost on penalties to Partizan Belgrade to miss out on a place in the lucrative group phase, which guarantees at least six further matches in the competition.

Stan Lock, an analyst for Brewin-Dolphin Securities, estimates the club will lose between £8m and £10m just for not reaching the first group phase never mind the added riches of making further progress as well as fringe benefits such as bigger sponsorship deals and increased gate receipts. Newcastle United plc's market value fell by more than £7m yesterday from £53m last night to £45.7m as shares fell 14% down 5p to 31.5p.