Revealed! Newcastle's £32.4m profit and £48.3m cash pile

Newcastle United posted a profit of more than £32m last season and had almost £50m in the bank at the end of the campaign.

Wednesday, 6th April 2016, 9:49 am
Updated Wednesday, 6th April 2016, 10:06 am
Mike Ashley

The club today published its financial results for the year ending June 30, 2015.

Newcastle, battling to avoid a catastrophic relegation to the Championship, increased their operating profit to £19m.

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The profit after tax was up to £32.4m from a figure of £18.7m the previous year.

The wages-to-turnover ratio fell from 60.3% in 2014 to 50.5% last year.

United's debt of £129m, owed to owner Mike Ashley, is unchanged.

The club, which had an average home attendance of 50,349 in 2014-15, had £48.3m in the bank last summer.

However, the club has since spent almost £80m on players.

The club also say its wage bill has also risen "significantly" since these results.

Newcastle are 19th in the Premier League and six points adrift of safety.

Managing director, Lee Charnley said: "We appreciate that at the present time, football results and not financial results are what our supporters want to see from us.

“That said, it would be wrong for the club not to acknowledge the submission of our accounts for the period July 14 to June 15.

“We understand, however, that what you want to see are results on the pitch.

"There are still 21 points to play for and lots can, and likely will, happen over the next seven games.

"We of course acknowledge the seriousness of our situation.

"However, we must remain positive and retain the belief that we can secure our Premier League status and we are doing everything we can to support Rafa (Benitez) and the team.”