Newcastle United CEO makes Financial Fair Play admission - and makes Tottenham & Man City comparison

Newcastle United has released its accounts for the 2022/23 financial year. (Photo by Clive Brunskill/Getty Images)Newcastle United has released its accounts for the 2022/23 financial year. (Photo by Clive Brunskill/Getty Images)
Newcastle United has released its accounts for the 2022/23 financial year. (Photo by Clive Brunskill/Getty Images) | Getty Images
Newcastle United has released its accounts for the 2022/23 financial year.

Newcastle United Chief Executive Officer Darren Eales says the club is compliant with Financial Fair Play rules after releasing its account for the 2022/23 financial year. 

The Magpies have reported a 39% increase in revenue but an after-tax loss of £73.4million which was mostly driven by recruiting the likes of Alexander Isak, Sven Botman and Anthony Gordon in the transfer market for a total of £153m, as well as investing £23.4m into the fixed assets such as St James' Park and the training ground.

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The club qualified for the Champions League last season and agreed a lucrative £25m-per-season deal with Sela as the front-of-shirt sponsor in the summer, however, those figures aren't factored into the 22/23 accounts.

Newcastle United has released its accounts for the 2022-23 financial year. (Photo by Clive Brunskill/Getty Images)Newcastle United has released its accounts for the 2022-23 financial year. (Photo by Clive Brunskill/Getty Images)
Newcastle United has released its accounts for the 2022-23 financial year. (Photo by Clive Brunskill/Getty Images) | Getty Images

“We’re compliant [with FFP rules] in the year," Eales told reporters. "Our plans are always to be compliant - that’s part of our business plan and model."

Eales added: “Newcastle United has had a very successful year both on and off the pitch. We grew revenues by 39%, with an increase in TV money, improved sponsorship deals and a sharper focus on everything we are doing across the club.

"We continue to make progress each day as we strengthen the foundations of the long-term project that we are developing here at the club.”

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Newcastle's revenues increased from £180m the previous year to £250.3m as a result of match day, commercial and media rights income. 

Match day income increased by 38 per-cent from £27.5m to £37.9m as the Magpies played four home games en route to the Carabao Cup final, while media income rose by 33 per-cent from £124.1m to £165.5m as the number of live TV appearances increased to 26.  

Meanwhile, commercial income increased by 66% from £26.5m to £43.9m with growth in commercial partnerships income together with several events in the year, most notably the Diriyah Cup in Saudi Arabia in December 2022 and the two Sam Fender concerts at St James’ Park in June 2023.

Despite the good progress, Eales warned of the significant gap that still separates Newcastle, whose turnover in 22-23 was £250.3m, from the 'top six' as he name-checked Manchester City and Tottenham Hotspur.

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“Forty per-cent year-on-year growth since the takeover, it’s vast year-on-year growth," said Eales. "We have got the positive tailwinds of Sela front of shirt, Champions League money, Adidas coming in June which will be a big jump for us as we can control our own retail and merchandise which hasn’t been the case before.

(L-R) Peter Silverstone, CCO at Newcastle United; Ibrahim Mohtaseb, Senior Vice President at Sela; Darren Eales, CEO at Newcastle United.(L-R) Peter Silverstone, CCO at Newcastle United; Ibrahim Mohtaseb, Senior Vice President at Sela; Darren Eales, CEO at Newcastle United.
(L-R) Peter Silverstone, CCO at Newcastle United; Ibrahim Mohtaseb, Senior Vice President at Sela; Darren Eales, CEO at Newcastle United. | Newcastle United via Getty Images

"The reality is that with the performances we have had on the pitch and the buzz around the club we are seeing more and more commercial partners wanting to become part of this journey. It’s a snowball going down a hill. As we are doing better on the pitch it is helping us with commercial partnerships.

"We are excited about the trajectory but we have still got grounds to make up. £710m at Man City, Spurs £444m in their last accounts, so we know we have got lots to do.

"But the exciting this is we have an ownership that is committed and supportive, and we are an amazing one city, one club. We have the pieces in place that’s going to give us that future growth. We just need to be as quick and efficient as we can to get to where we want to be.”

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