NEWCASTLE UNITED recorded a 39 per cent increase in total revenue during the last financial year, with the off-field changes introduced by the club’s Saudi Arabia-backed ownership group beginning to bear fruit.

The accounts for 2022-23 revealed an annual loss of £73.4m, reflecting the continued investment into the playing squad which finished fourth in the Premier League last season. However, the Newcastle hierarchy are confident their figures are fully compliant with the Premier League’s profit and sustainability regulations (PSR).

The accounts show that with £153m having been spent on the acquisition of players, there was £127m of equity investment from Newcastle’s shareholders.

However, with the Premier League’s PSR rules tying investment levels into the first team to annual income, there will be considerable satisfaction at the way in which matchday, commercial and media rights revenues all increased in the last 12 months.

Newcastle’s annual revenue rose from £180m to £250.3m, enabling the club’s wages to turnover ratio to drop from an unsustainable 94.6 per cent to a much more manageable 74.1 per cent.

Match income rose by 38 per cent, reflecting the extra games that were played as a result of the Magpies’ run to the Carabao Cup final, with media income rising by 33 per cent.


Commercial income rose by 66 per cent from £26.5m to £43.9m, and is set to increase again in the next set of accounts thanks to the sponsorship deal with Sela that began at the start of this season and the new kit deal with Adidas that is due to start on June 24.

The report accompanying the publication of the accounts also confirmed that Newcastle have begun a study examining a range of options relating to the possible expansion of St James’ Park. However, it states that this is “an early step on a long-term project to enhance the infrastructure of the club”.

Reflecting on the accounts, Newcastle’s chief executive officer, Darren Eales, said: “Newcastle United has had a very successful year both on and off the pitch. We grew revenues by 39 per cent, 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.”