Newcastle United announced their financial results today and they are very good – much better than the form of the team on the field has been this year – but these results will do nothing for the pain the fans are going through at the moment.
Fans do not want to see great financial results when the club will probably be a Championship club next season – what’s the point of that?
The results are for the year ending June 30, 2015 and the profit after tax was a very healthy one at £32.4m and that’s close to double what it was last year – £18.7M.
That could well be Newcastle’s biggest profit ever.
The revenue was slightly down on the previous year being at £128.8M compared to £129.7M last year – so that was disappointing, but if the club remains in the Premier League they will go up by about £60M in the financial year through June 30th, 2017.
That’s unlikely to happen however.
The wages were also low and were only 60.3% in the previous year but down to 50.5% in this last financial year – about £64.7M.
The Newcastle debt to owner Mike Ashley remains at £129M – it’s an interest free loan.
The club had £48.3M in the bank on June 30th – the last day of the financial year but since then we have spent over £80M on players although we will also get around £80M from the Premier League next month.
Here are the main financial results as listed by the club on their web-site.
It’s a crying shame that Newcastle could be in the English second division next season.