Darren Eales reacts as Newcastle United owners provide big financial update

Newcastle United has filed its financial results for the 2021-22 year - reporting a loss after tax of £70.7million. The financial year, ending June 30 2022, includes Mike Ashley’s final months as owner before the Public Investment Fund of Saudi Arabia, PCP Partners and RB Sports & Media acquired the football club in October 2021.

In a statement released by the Magpies, they say the loss is “driven mostly by the investment in the playing squad during the January 2022 transfer window” when Kieran Trippier, Chris Wood, Bruno Guimaraes, Dan Burn and Matt Targett were signed.

The new January signings, the appointment of Eddie Howe and his growing backroom team the impact of a 12-month accounting period as opposed to the 11-month period of the previous year saw the club’s staffing costs increase £63.4m from £106.8m to £170.2m. In total, the club’s revenues rose from £140.2m to £180m.

Matchday income increased from £0.2m to £27.5m following the return of supporters to St James’ Park after the Covid-19 pandemic. Media income also increase four per-cent from £119.3m to £124.1m, reflecting an increased merit award due to finishing one place higher (11th) in the Premier League table.

Meanwhile, Commercial income also increased by 52 per-cent from £17.6m to £26.5m, reflecting the first year of the Castore sponsorship, increased revenue from Premier League and Club commercial partners, and the return of matchday and non-matchday commercial activities and events.

Since the end of the accounting period, the PIF-led ownership group has “injected additional capital into the club to improve the financial position of the business.”

Newcastle Chief Executive Officer Darren Eales concluded: “This is an ambitious, long-term project. The financial success of the club goes hand in hand with our performances on the pitch. We have come a long way in the past few months. There’s still a long way to go but we are looking to the future with confidence.”

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