Newcastle United Limited reported that its turnover increased 28% to £320.3 million in the year to June 30, 2024, “with significant increases across the majority of the main revenue streams.”
The company reported a loss after tax for the year of £11.1 million, sustantially down from a loss £71.8 million in the prior year.
The Saudi Public Investment Fund (PIF) is the majority shareholder in Newcastle United.
Match income increased 32% to £50.1 million, including three home UEFA Champions League (UCL) fixtures which significantly increased the home revenue.
Media income excluding UEFA distributions fell 7% to £154 million. UEFA Champions League distributions amounted to £29.8 million (2022-23 £nil).
Commercial income increased 90% to £83.6 million “with growth in the club’s main commercial partnerships income from new and enhanced deals with Sela, Noon, Fenwick, InPost and Adidas all contributing to the rise in revenue.”
The club said operating expenses for the year increased 28% to £291.5 million. Staff costs increased 18% to £218.7 million, “the main factors being an increase in first team squad costs, along with an increase of c115 employees across the club as the development of a fit for purpose operational structure continues across football operations, commercial teams, executive and central support functions.”
The club added: “Amortisation increased by £9.9m from £86.8m to £96.7m, reflecting a full year impact of January 2023 player spend, together with additions in Summer 2023 including Barnes, Tonali, Livramento and Hall. There were impairment charges of £0.8m in the year (2023: £2.5m).
“Profit on disposal of players’ and staff registrations totalled £69.8m (2023: £2.8m) mainly arising from the sales of Anderson, Minteh and Saint-Maximin.”
The company said: “This strong financial performance reflects continued progress on and off the pitch during the financial year, including a return to the UEFA Champions League.
“These figures represent a substantial improvement on the previous two financial years, which had been characterised by significant investment into the squad.
“The improved result was driven mainly by revenue growth from Newcastle United’s participation in the Champions League and profits from transfer dealings in line with Premier League profit and sustainability rules (PSR) …
“Since the end of the accounting period, the ownership group led by PIF has continued to invest capital into the club to improve the financial position of the business. This continued investment is consistent with the shareholders’ approach of long-term, patient investment.”
Newcastle United CEO 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.”