Fierce Backlash At Newcastle Over Record Financial Results


There have been lots of questions about the record revenues and profits that Newcastle announced this morning at around 10:00 am Newcastle time.

mike ashley 9876

Mike Ashley – needs to spend the money

We may just be too cynical, but when there was a report yesterday that we would be spending £60M in the summer transfer window, we expected the results to be imminent and said so this morning.

The many questions being asked by fans is how come with an increase in revenue of £33.8M, we made only £9.8M more profit in this financial year than we did last year when we made £9.9M.

And of course since Newcastle had ample money to spend angry fans are asking how come Newcastle spent no money in January to strengthen the squad?

Those are good questions, because the assumption had been the profits could be as much as £50M – and that would not have looked good, given we are sliding down the league table with a threadbare squad for the second year in a row.

Newcastle bought no new players over the last financial year – largely when Joe Kinnear was the Director of Football  –  and we incurred “transfer” costs  for only two loan players – Loic Remy and Luuk de Jong.

Oh – and we sold Yohan Cabaye for £20M.

Newcastle may even have taken some extra costs in an effort to keep the profits fairly low – although £18.7M is still the 3rd best profits in the Premier League, behind only Everton at £28.2M and Manchester United at £23.9M.

And it’s still the biggest profit in Newcastle’s long history.

We are hoping Newcastle will provide more information about the financial figures, but it’s not clear whether will see that.

And there have been reports today in many papers that making big profits and having the team in the bottom half of the Premier League is not exactly great – and shows the money isn’t being used to build a top side.

It also shows Newcastle have little ambition – but fans already knew that.

Our hope with all this negative publicity today,  something good could come out of it, and Mike Ashley will now begin to spend the money that’s available to build a top six side on Tyneside.

If he doesn’t – then what’s the point in owning Newcastle?

What do you think?

Comments welcome.

You can follow us on our three social media sites.



You can share this articleShare on FacebookShare on Google+Tweet about this on TwitterEmail this to someonePin on PinterestDigg thisShare on LinkedInShare on RedditShare on Tumblr

15 comments so far

  • toonicle

    Mar 30, 2015 at 9:13 PM

    Comment #1

    What’s the point indeed. And I doubt the 25 Mil went all to Benton…

    0
  • GeordieTwo

    Mar 30, 2015 at 9:13 PM

    Comment #2

    We’re waiting Mike. The explanation had better be good.

    0
  • beermonkey

    Mar 30, 2015 at 9:14 PM

    Comment #3

    jesper

    Edward my grandfather was an Edward but called ted so his day to day name is teddie, I say that but what I say the most stop or don’t do that so I should change his name

    0
  • GeordieTwo

    Mar 30, 2015 at 9:14 PM

    Comment #4

    More creative accounting required Mike? This is football you A** not tat shop bollocks.

    0
  • Average_Contents

    Mar 30, 2015 at 9:16 PM

    Comment #5

    Lesh from last thread

    Surely, even if either of those situations were true the monies would still have to be declared as they were/are part of the accounts? Stashing money out of the revenue would be illegal I’m guessing lol.

    Even more pertinent in my opinion is the fact the club would be trumpeting nay heralding they’d put aside £25m out of the “revenue” for the new training facilities and still be left with £18.9m profit. Stand guard. Cue trumpets. Bow down now.

    0
  • GeordieTwo

    Mar 30, 2015 at 9:18 PM

    Comment #6

    Do not ask for whom the fongbat waits Mike. It waits for thee. Harrumph!!!

    0
  • BandB

    Mar 30, 2015 at 9:19 PM

    Comment #7

    toonicle,

    Twenty five million would pay for a total facelift for Buckingham Palace and Windsor Castle, neither of which have been rewired or re-pointed since before the Ark. Along with redecoration.

    This training ground must have gold taps in the bogs and marble pitches.

    0
  • optimistic prime

    Mar 30, 2015 at 9:20 PM

    Comment #8

    The Burton Stevenage match has been great to watch, both teams play some decent stuff. Reminds me of the late 80’s.
    Some decent tackles and no cry babies.

    0
  • GeordieTwo

    Mar 30, 2015 at 9:21 PM

    Comment #9

    There is no increase in costs of 25M pounds. We’re going to hear some bollocks about within club expenditures that can’t be revealed no doubt. And our wage bill has dropped to about 45% of costs now. That is a huge drop under Mike. We can see why when we watch the team on the pitch. They are often woeful but cheap players will produce that kind of product quite often won’t they Mike?

    0
  • optimistic prime

    Mar 30, 2015 at 9:23 PM

    Comment #10

    I’ve been past both entrances to training ground, Coach lane and Whitley rd and I can’t see any signs of any work going on.

    Or even the signs they put up warning public of forthcoming work.

    0
  • GeordieTwo

    Mar 30, 2015 at 9:24 PM

    Comment #11

    My God how do people stand going to the ground with that pathetic freak? With his little dwarf Charnley sitting beside him.

    0
  • jesperfuglsang - capt'n awesome of the lemon crew

    Mar 30, 2015 at 9:25 PM

    Comment #12

    Beer…Edward is a good old name just like Alfred 🙂

    …if it’s any comfort you’ll keep telling your son even when he’s 4½ to put down the phone or to step away from the laptop lol

    0
  • GeordieTwo

    Mar 30, 2015 at 9:32 PM

    Comment #13

    More sad days to come. More bollocks about improvement to the squad that always seems to lie in the future. More stalling during the summer window. Charnley is clueless and won’t know how to deal with big clubs. The damage to the squad is huge now. Will De Jong be fit for next season? What about Aarons? How long will Saylor stay fit? Will Obertan finally be gone? What a pathetic mess.

    0
  • lesh

    Mar 30, 2015 at 9:59 PM

    Comment #14

    AC

    You won’t see the detail of what’s been posted where in the accounts when they’re available from Companies House. The press’s already on the case so we’ll just have to be patient.

    You’re point about stashing money is valid but companies are allowed to make provisions for anticipated expenditure and it’s not part of profit for the year the provision was made. think I’m right and willing to be corrected on that.

    I’m not sure whether there’s a limit on how long it may be held in reserve without being spent though.

    0
  • nufc 11

    Mar 30, 2015 at 11:48 PM

    Comment #15

    You would have to wonder where Mike pulled the 10million he loaned rangers from billionaire or not his businesses are so tightly controlled 10 million wouldn’t just be pulled from their profit sheets their structures wouldn’t allow it however nufc is a different kettle of fish me thinks 18.7million plus the 10 million rangers loaned amount is the real number he should have got today

    0

You must log in to post a comment.