Newcastle United post big loss in revealing set of financial accounts

The cost of Covid-19 has been revealed in Newcastle United’s latest set of accounts.

Saturday, 7th August 2021, 12:29 pm
St James's Park last season.

The club, hit by the coronavirus pandemic which saw football go behind closed doors, posted an operating loss of £54million for the period up to July 31, 2020. The loss after tax is £22.5million, and the accounts state: "These financial results do not reflect a ‘normal’ year for the group.”

Matchday revenue was down 30%, while wages, at £121million, were up 20%. Newcastle spent £76million on players, and recouped £30million from player sales. Owner Mike Ashley’s loan to the club stands at £106.9million.

The accounts state that the club has since “committed to a further maximum net spend of £48million in respect of changes to the playing squad and team management”.

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Head coach Steve Bruce – who has spoken about the financial toll the pandemic has taken on the club – is yet to make a signing so far this summer.