Newcastle financial results: Magpies enjoy £32m profit but chiefs admit fans won't care

Frank Dalleres
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Newcastle United v West Ham United - Premier League
Newcastle are heading for their second relegation under owner Mike Ashley (Source: Getty)

Newcastle chiefs have conceded that an increase in profits to £32.4m is likely to be of little comfort to supporters contemplating possible relegation from the Premier League.

The Magpies – second bottom of the table and six points from safety with seven games remaining – enjoyed a 73 per cent rise in profit for the year ending June 2015.

Managing director Lee Charnley said: “We appreciate that at the present time, football results and not financial results are what our supporters want to see from us.”

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Newcastle have already taken advantage of their financial success by spending a net figure of more than £70m on players since last summer – a figure eclipsed only by Manchester City.

Serbia striker Aleksandar Mitrovic and Holland midfielder Giorginio Wijnaldum, at around £14m apiece, and £8m Democratic Republic of Congo defender Chancel Mbemba were the biggest arrivals of July 2015.

The club, owned by controversial retail tycoon Mike Ashley, splashed out again in January, buying England duo Jonjo Shelvey and Andros Townsend for £12m each and France midfielder Henri Saivet for £5m.

Read more: Toon on the slide

Transfer market largesse, and the replacement of Steve McClaren as manager with Rafael Benitez, has failed to prevent Newcastle sliding towards relegation for the second time in Ashley’s tenure.

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