Newcastle United have released their financial accounts for the 2017/2018 fiscal year which goes from July 1st, 2017 through June 30, 2018.
Newcastle’s revenue was £178.5M – the highest ever – due in the main to getting around £123M from the Premier League for last season when we finished 10th.
In the Championship we earned only £85.7M in revenue – which is why clubs are desperate to make it to the Premier League.
The profit is a very decent at £19M and Ashley and company were cautious with the money during that time so Newcastle’s accounts will look good for any potential buyer.
But the team suffered for it, and we fought against relegation last season before pulling away and finishing in 10th place.
We will not finish as high this season.
Lee Charnley – Newcastle Managing Director
The club are saying we are now in a healthy financial position – again a message to would-be buyers.
The £93.6M wage bill is only the 14th highest in the Premier League and fell during the year.
But some players are not being used much by Rafa and are still earning high wages at Newcastle – and that should change this summer.
Managing Director Lee Charnley had this to say about the financial results:
“A 10th placed finish in our first season back in the Premier League was a fantastic achievement and I would like to thank everyone connected to the club – staff, players, and fans – for their collective efforts.”
“The significant increase in revenue, together with prudent financial management, resulted in the club showing a profit and that is reassuring, given the substantial loss in the previous year.”
“There is much more work to be done but these financial results give the club a strong platform on which to build.”
“We all want to see the club improve and be competitive at every level, and in every competition.”
“We are convinced that the best route to achieving this is to do so sustainably, spending on young development players and adding high quality to the first team squad each season.”
“Players that can really make the difference and improve the team – without risking the financial health and the stability of the club.”
“We strongly believe that consistently doing the above, and robustly following this policy, will give us the best chance of achieving our shared ambitions.”
We’ll take a deeper dive into the results tomorrow, but it’s clear that spending was restricted to make our financials look attractive to potential buyers.