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 – 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?
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