'It's night and day': Football finance expert Kieran Maguire lays out just how much Newcastle United need Champions League football

Whatever happens between now and the end of the Premier League season, Newcastle United are guaranteed to be playing in Europe next season.

After a season out of Europe following the club's long-awaited return to the Champions League, Newcastle's Carabao Cup victory means they will at least play in the Europa Conference League next season.

However, Champions League football remains the aim for the Magpies who have 10 matches to leap above Manchester City and/or Chelsea to nab fourth or fifth spot which will be enough to bag a ticket to the big show.

It's not just about the prestige associated with being a Champions League club that makes qualifying such a coveted prize, but the monetary benefits it brings, as well as the ability to attract players.

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Newcastle qualifying for the Champions League will make a huge difference this summer, in many ways

Newcastle United have big ambitions and want to attract the best players to Tyneside, but doing so on the promise of big things is tricky when there are clubs who can already offer those things shopping in the same aisles.

If Newcastle qualify for the Champions League this season it will make recruitment that much easier in the summer as the Magpies are expected to be very busy.

A report in the iPaper has also highlighted how much more Newcastle would potentially be able to spend this summer if they have Champions League football to look forward to.

Kieran Maguire says the difference between the competition's prize pots are 'night and day'

Football finance expert Kieran Maguire told the iPaper that the Magpies could potentially spend an extra £40-£50 million thanks to the higher prize money on offer in the Champions League.

The prize pot for the Champions League is around £2.4 billion, whereas the Europa Conference League's is a mere £285 million which is peanuts in comparison. It pays to be in the top competition as Maguire explains.

“It’s night and day between the two competitions and it is so much more lucrative for Newcastle than last time because the format has been expanded.

“You’re in the Conference League for the joy of going into European football and there’s absolutely nothing wrong with that. Newcastle fans, if they end up in the Conference League, will have a whale of a time.

“But you’re in the Champions League for the money, it’s €2m (£1.6m) per victory, €700,000 (£585,000) for a draw and you’re now guaranteed four home fixtures including two against ‘A-grade’ opponents – and therefore, if you’re Newcastle’s hospitality team you can name your own prices for the boxes.

“If it’s the third-best team in Denmark it will sell out – the weekend proved that – but it will be more modest if it’s Conference League.”