Newcastle United's accounts released: Mike Ashley’s final season spending revealed
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What do the accounts show?
The accounts provide a financial overview of Newcastle United Limited’s finances in the 11 months leading up to June 30, 2021 – Mike Ashley’s final season as Newcastle owner.
With Newcastle playing almost all of the 2020-21 season behind closed doors at St James's Park due to the coronavirus pandemic, the club have outlined an operating loss of £13.7million, though this is down significantly from the previous year’s loss of £54million over a 13 month period.
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Newcastle’s turnover was £140million while matchday revenue dropped 99% to £0.2million due to only one home match being played in front of a crowd of 10,000.
The club’s media revenue climbed from £106.1million to £119.6million while commercial revenue dropped from £26.8million to £17.6million
Other revenue streams remained constant at £3.2million while staff wages dropped from £121.1million to £106.8million.
The accounts also show the impact of the club’s takeover which took place on October 7 2021, after the accounting period had concluded.
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Hide AdThe filing shows the money that has been invested into the club since the takeover was completed.
A sum of £167.9million has been invested which has contributed to the settlement of the outstanding loan owed to Mike Ashley’s St James Holdings Limited as well as the to help Eddie Howe bolster his squad in the January transfer window.
The £112million transfer spend includes the £92million spent in the January transfer window as well as the fee to sign Joe Willock last August believed to be in excess of £20million.
Though some transfers will be paid back in instalments the net spend of £112million is a significant increase of the previous season’s net spend of £46million.
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Hide AdThe accounts also covered all potential outcomes regarding Newcastle’s Premier League season as the club battled relegation for the majority of the campaign. Relegation to the Championship would obviously impact cashflow for the 2022-23 campaign and the accounts recognised that.
Fortunately, Newcastle secured Premier League survival with games to spare.
When will the full accounts showing PIF’s spending be released?
Newcastle will to post its full accounts for the 2021-22 season at the end of next season, this will highlight the financial impact of the takeover in further detail.