Newcastle United reports strong financial results following ‘squad investment’

Newcastle United Limited (Newcastle United) has filed its financial results for the 2022/23 financial year, which showed a 39 per cent increase in revenues.

The improved financial performance reflects progress both on and off the pitch since the acquisition of the club by the PIF-led ownership group in October 2021.

A loss after tax of £73.4m was reported by Newcastle United for the 12 months ending 30 June 2023, in line with the club’s prior year financial performance. This was said to be driven mostly by the “continued investment in the playing squad”.

The club increased its revenues to £250.3m from £180m the previous year, as match day, commercial and media rights revenues all increased.

The financial performance was supported by the club’s successful season on the pitch, with the club reaching its first major cup final in 24 years and achieving a fourth-place finish in the Premier League to secure qualification for the UEFA Champions League.

Since the end of the accounting period, the ownership group has injected additional capital into the club to improve the financial position of the business. This additional funding aligns with PIF’s approach as a long-term investor.

Darren Eales, Chief Executive Officer of Newcastle United, commented: “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.”

By Matthew Neville – Senior Correspondent, Bdaily

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