Newcastle United released their financials for the year 2017-2018 yesterday – which is when we were back in the Premier League.
The results were good with revenue of around £178.5M and profits at about £18.7M.
Newcastle have quickly put their financial house in order after being promoted, but that’s what happens when you don’t spend much money.
But it looks like Rafa will have decent money to spend this summer according to a report in the Chronicle today.
He could have around £50M – £60M to spend this summer, and we assume that it’s a net amount.
It’s what we pay out for new players minus what we get in for players Rafa will sell.
From what Lee Charnley says below – it looks like it’s a net amount and Rafa gets the money to spend on what he can bring in for outgoing transfers.
Mike Ashley and Lee Charnley – runs the club’s financials
That’s important because Rafa could well be selling both Isaac Hayden, Jonjo Shelvey, and others this summer.
The news is that Managing Director Lee Charnley has revealed that there is about £11M that wasn’t spent this season that is now available to spend in the summer – the next financial year which starts on 1st July.
Here’s what Lee Charnley said yesterday and it’s maybe the closest we’ll get to actual financial figures for the transfer window.
“Our budget to strengthen the team and establish our place back in the Premier League has been £122M over the last two seasons.”
“That was an initial agreed budget of £70M plus an additional £52M generated as a result of sales and outgoing loans.”
“We have spent just over 90% of that – £111M.”
“That balance of £11M will be carried forward to supplement what we have for the forthcoming transfer windows as we look to strengthen again.”
So it seems Rafa does get to know how much he has to spend and now we are in the Premier League to stay – the money is definitely there for Rafa to build a much stronger side at Newcastle.
But there are other things that Rafa wants Newcastle to do to improve as a club.
A new transfer process and older players to remain or be signed when Rafa sees that it’s necessary from a team perspective.
And he wants upgrades to the Benton Training grounds and needs to overhaul the Youth and U23 setup.
It’s been four weeks now that Rafa has waited for answers to those requests.
It’s time for Mike Ashley to get off the fence and give Rafa some answers – whether or not it’s what Rafa wants to hear