Arsenal News Aston Villa News Chelsea News Leicester City News Liverpool FC News Manchester City News Manchester United News Newcastle United FC News Tottenham FC News

Toon reveal profits

6 Apr

Newcastle may be battling to beat the drop but have announced a rise in profits to £32.4million in their annual accounts.

Newcastle: Toon reveal profitsNewcastle: Toon reveal profits

Rafael Benitez’s men are 19th in the Barclays Premier League with only seven matches remaining, having fallen to a 3-2 loss in Saturday’s crunch clash at relegation rivals Norwich.

Off the field things are looking are rosier and United have announced a post-tax profit of £32.4m for the financial year ending June 30, 2015 – a significant rise on the B£18.7m figure for 2014.

Net cash inflow from operating activities has risen to B£39.1m, but managing director Lee Charnley knows the main issues are on the field.

“We appreciate that at the present time, football results and not financial results are what our supporters want to see from us,” he said.

“That said, it would be wrong for the club not to acknowledge the submission of our accounts for the period July 14 to June 15.

“We understand, however, that what you want to see are results on the pitch. There are still 21 points to play for and lots can, and likely will, happen over the next seven games.

“We of course acknowledge the seriousness of our situation. However we must remain positive and retain the belief that we can secure our Premier League status and we are doing everything we can to support Rafa and the team.”

The financial report shows owner Mike Ashley has not used Newcastle’s profit to chip away at the £129m owed in the form of interest free loans from him and companies under his control.

None of the debt has been repaid and the Sports Direct founder has not taken any other money from Newcastle during the year or since the year end.

The results show the club had £48.3m in the bank at the end of the financial year, but the club’s net spend on players during the subsequent transfer windows amounted to just under £80million.

No comments yet

Leave a Reply