Newcastle United CEO Darren Eales has reflected on the club's latest financial accounts and says the club can look forward with confidence.
Eales, who was appointed last July, believes United are making good progress off the field and are in line with their performances on it. Speaking after the figures were released today, Eales said: “This is an ambitious, long-term project. "The financial success of the club goes hand in hand with our performances on the pitch.
"We have come a long way in the past few months. There’s still a long way to go but we are looking to the future with confidence."
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A loss after tax of £70.7m was revealed within the figures but the club have reacted to what it all means for the Magpies long-term.
A club statement read: "These are the first figures reflecting the club’s financial performance since it was acquired by an ownership group comprised of PIF, PCP Capital Partners and RB Sports and Media in October 2021 and the results therefore include nine months under the new shareholders’ ownership.
"A loss after tax of £70.7m was reported by Newcastle United Limited for the 12 months ending 30 June 2022, driven mostly by the investment in the playing squad during the January 2022 transfer window."
And the club statement went on to suggest the club are recovering from the pandemic and resulted in a year of no crowds.
United say: "The numbers also show a sharp recovery in revenues to £180m from £140.2m the previous year, as crowds that returned to St. James’ Park after the end of restrictions imposed during the Covid-19 pandemic contributed to enhanced matchday revenues. Commercial and media rights revenues have also increased as the club’s league standing improved for the season.
"Since the end of the accounting period, the new ownership group has injected additional capital into the club to improve the financial position of the business."
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