Newcastle United official document confirms £70m PSR boost as Man Utd shortfall highlighted

Newcastle United have released its financial results for the 2023-24 season. It was this season that saw the club scramble around last June in order to comply with Premier League Profitability and Sustainability rules.

Ultimately, Elliot Anderson and Yankuba Minteh were sold to Nottingham Forest and Brighton & Hove Albion respectively which saw the club avoid any PSR punishment.

Now the full details of Newcastle’s finances for that campaign have been released.

Newcastle United 2023-24 finances overview

The club's loss after tax was £11.1million for the 12 months ending June 30, 2024. A significant decrease from the previous year’s loss of £71.8million due to increased revenue and decreased investment into the first-team squad.

Newcastle's revenue increased from £250.3million to £320.3million ‘with significant increases across the majority of the main revenue streams.’

Newcastle United still short of Premier League rivals

The club’s revenue is still significantly lower than the likes of Manchester United who, despite finishing lower in the table than Newcastle last season, generated more than double the revenue at £661.8million over the same period.

Newcastle made £69.8million profit on the disposal of players’ and staff registrations through the sales of Elliot Anderson, Yankuba Minteh and Allan Saint-Maximin during the 2023-24 campaign.

Newcastle made £29.8million from competing in the Champions League plus any additional matchday, broadcasting and commercial revenue.

Newcastle United’s increased commercial revenue

The club’s commercial income increased from £43.9million to £83.6million with ‘new and enhanced deals’ with the likes of Sela, Noon, Fenwick, InPost and Adidas all contributing. The ‘We Are Newcastle United’ documentary on Amazon Prime also contributed to the increased commercial income.

But media income, excluding UEFA distributions, decreased by £11.5million from £165.5million to £154.0million. Newcastle’s televised Premier League games dropped from 26 from the 2022-23 season to 24 for the 2023-24 campaign, resulting in less revenue.

The club’s merit payment for finishing seventh last season also decreased having finished fourth the season prior.

Staff costs increased £33.6million from £185.1million to £218.7million, due to the increase in first team squad costs and the number of employees across the club. Newcastle also noted the added costs of developing a ‘fit for purpose’ operational structure.

The club also invested £16.4million into fixed asset additions which include improvements at St James’ Park, the first team training ground and St James’ STACK.

Newcastle United 2023-24 transfer fees

Newcastle's latest financial statement reads that the club's net spend on player transfers for the 2023-24 season was £20million, a significant decrease of the £124million net spend from the previous season. The 2023-24 season saw Newcastle sign Sandro Tonali, Harvey Barnes and Tino Livramento while facilitating the sales of Allan Saint-Maximin, Elliot Anderson and Yankuba Minteh.

Newcastle United CEO reacts to 2023-24 financial report

Newcastle chief executive Darren Eales said: “We are committed to sustainable success and we have started 2025 in a strong position.

“Our progress has been supported by diligent work on and off the pitch. Returning to the Champions League for the first time in more than 20 years was hugely memorable for everyone connected with the club, and it has clear upside financially as we continue to grow.

“We grew our revenues by 28% in the twelve months to 30 June 2024, with an increase in matchday revenue as well as significantly improved sponsorship deals and a sharper focus on everything we are doing across the club.

"We continue to make significant strides with our commercial deals and matchday offerings as we strengthen the foundations of the long-term project here at Newcastle United.”

Are Newcastle United compliant with FFP & profit and sustainability rules?

After coming so close to breaching PSR last summer, a big concern for many when looking at Newcastle’s finances is are they at risk of breaching them again.

Newcastle's loss over the last three years as per the club accounts stands at around £154million. Financial Fair play rules in the Premier League require clubs to make a loss of no greater than £105million over a three year period.

However, there are allowable losses that can be removed from PSR calculations such as investment into the academy, women’s football, charity, infrastructure and depreciation that bring the overall loss down to less than £105million.

Last summer, the sales of Minteh and Anderson just before the June 30 deadline ensured Newcastle were compliant with PSR and avoided a points deduction. After minimal spending this season, the club are expected to remain compliant heading into the 2025-26 season.

Newcastle’s accounts for the 2024-25 season will be published next year.

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