Any new owner of Newcastle United would certainly hope to capitalise on its brand. It remains one of the best-supported clubs in English football in spite of its notorious lack of success. In common with other clubs it has been trying to raise its profile overseas, including a strategic alliance with a Chinese club.

Harry Philp, managing director of Hermes Sports Partners, says: “Newcastle is not much of a brand outside the north-east [of England]. We think it is more difficult to be a complete brand without success on the pitch. You can certainly run some teams better in a commercial sense, but building an international brand is a lot more difficult.”