Newcastle United yesterday reported record profits of £18.7m last season – but its debt in the form of an interest-free loan from owner Mike Ashley remained static at £129m.
The Premier League club put the profit down to increases in TV income and new sponsorship deals.
The Magpies announced a recorded profit for the fourth successive year, up from £9.9m in 2013. In a statement on its website, the club reported that operational losses of £600,000 in 2013 were turned into an operating profit of £4.7m by June 2014. Turnover also rose to £129.7m, up from £95.9m the previous year.
Matchday revenue, which includes ticket sales and hospitality, dropped to £25.9m from £27.8m in 2013, while their average Premier League attendances were 50,395 compared were 50,517 the previous season.
The St James’ Park outfit’s managing director, Lee Charnley, said: “The club benefits from a supportive owner and is financially stable. This gives us a strong platform from which to grow, both on and off the pitch, a result of which means, as we move forward, we are able to net spend on the playing squad and invest in other areas of the business.
“The most pleasing aspect in this set of accounts has been the growth in our commercial revenue and it has been our strongest year yet in that respect.”