Magpies reveal £12m losses

27 October 2006 10:39
Newcastle United have revealed losses of £12million for the last financial year as investment in new players and a failure to qualify for Europe took its toll on the balance sheet at St James' Park. Twelve months ago the Magpies recorded a profit of £620,000, but following a £4million loss of revenue and the arrival of expensive new acquisitions like £16million Michael Owen, there has been a reversal in financial fortunes. However, chairman Freddy Shepherd remains confident that the club is on the right long-term path. "The board believe that the investment it has made in all areas of the club will deliver long-term benefits and will continue to take every step necessary to maximise potential for success both on and off the pitch," he said.

Source: ESA