Newcastle achieve first of four targets in ambitious 'Project 2030' plan that will terrify Premier League rivals

Newcastle have achieved the first of four targets of their 'Project 2030' plan by winning the Carabao Cup.

The Magpies ended their 56-year wait for a major trophy by beating Liverpool 2-1 at Wembley on Sunday.

Dan Burn and Alexander Isak put Newcastle 2-0 up either side of half-time, with Federico Chiesa scoring a late consolation in injury time for Liverpool.

Eddie Howe's side have now secured Europa League football for next season, but they will still hope to go one better and achieve Champions League qualification via their domestic finishing position.

The Carabao Cup victory ticks off one of the milestones put in place by the club's ownership.

Saudi Arabia's Public Investment Fund (PIF) purchased a majority share in Newcastle from Mike Ashley in 2021, and the Magpies were expected to spend big and quickly compete for elite silverware.

Issues relating to the Premier League's Profit and Sustainability Rules (PSR) have curbed any significant spending in the past two seasons, though, with the squad's development largely credited to Howe's coaching of players alongside the few big-money buys that the club have been able to sanction.

Now, the club have developed a new plan titled 'Project 2030', which aims to put Newcastle in amongst Europe's elite by the turn of the decade.

That's according to The Telegraph, who report that there are four key 'pillars' as part of the proposals.

The first is for Newcastle to win a trophy, which was of course achieved on Sunday at Wembley.

Image: Twitter/@NUFC

The Magpies also want to strengthen further in the transfer market in the coming years, reducing the average age of a squad that has many players in their 30s.

Meanwhile, the third 'pillar' focuses on revenue, with Newcastle setting a club record revenue figure of £320 million last year, according to club accounts. But the highest-earning Premier League club, Arsenal, brought in £616.6 million last year - with the Magpies' ownership wanting to close the gap.

And the fourth 'pillar' surrounds plans for a new stadium.

The Daily Mail reported last week that Newcastle plan to move out of St James' Park and build a new 65,000-seater stadium in the city.

The Magpies have played at their current stadium since 1892, but there are key logistical difficulties involved in expanding it and a new venue would increase revenues for the club.