Newcastle United have released their financial accounts for the 2021/22 campaign, posting a loss of £70.7m after tax. The figures unveiled on Friday represent the club's financial results between July 2021 and June 2022, which includes nine months of investment by Saudi Arabia's Public Investment Fund (PIF), PCP Capital Partners and RB Sports following their acquisition of the football club in October 2021.
An overall loss of £70.7m may be the headline figure, but behind the increase in losses and rise in wages is an encouraging picture that shows turnover up by £40m since the departure of Mike Ashley and commercial revenue also rising by £9m, with the club making great strides to improve all facets of the business.
Premier League survival was a necessity for the new ownership after the club's £300m takeover, with Newcastle languishing in 19th when Ashley handed over the keys to St James' Park. The Magpies' surge away from the relegation zone to mid-table security was helped in no small part by vital investment in the playing squad during Eddie Howe's first transfer window.
