By David Owen
April 7 – Newcastle United may have lost their mojo on the pitch, but they remain one of the Premier League’s most consistent financial performers. The club from England’s football-mad north-east, which has turned to Rafa Benitez in an attempt to salvage its top-tier status, has posted a sharply increased after-tax profit of £32.4 million – up from £18.7 million in the year to 30 June 2014.
While a full analysis will have to await the arrival of the Magpies’ accounts in Companies House, there is every chance that the latest numbers would be good enough for the Champions League – if qualification were based on profits.
Instead of course, the club owned by businessman Mike Ashley is languishing in 19th place, six points from Premier League safety with only seven games to play.
Ashley’s importance to a club still capable of attracting an attendance of 50,000 to its home fixtures (though not as regularly this season as in previous) is underlined by the debt position, which remained static during the year under review. Debt, in the form of interest-free loans from Ashley and companies under his control, stood at £129 million at the year-end.
The club underlined that none of the debt had been repaid, nor had Ashley “taken any other monies from the club during the year or since the year end”.
Turnover dipped slightly to £128.8million from £129.7 million, partly reflecting the club’s 15th-place finish last season. A decline in commercial revenue was attributed largely to a slice of one-off income from a concert by rock group the Kings of Leon in the prior year.
Managing director Lee Charnley acknowledged the club’s current on-field difficulties, saying: “We appreciate that, at the present time, football results and not financial results are what our supporters want to see from us.”
Operating profit quadrupled from £4.7 million to £19 million.
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