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Newcastle United Football Club

  • Nickname:Magpies
  • Founded:1881
  • Manager:Alan Pardew
  • Ground:St James' Park
  • Capacity:52193
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Magpies reveal £12m losses

27 Oct 2006 - 10:39:14

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.

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