Newcastle United have released their financials for the 2013-14 season, with the headline being that they brought in record profits of almost £19 million.
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Although it’s a pleasant surprise to see a football club announcing profits in the modern game, the news is certain to frustrate sections of the fan base who have frequently accused the side’s owner Mike Ashley of failing to invest sufficient capital into the playing squad.
According to the Guardian newspaper, TV money and increased sponsorship deals were behind the spike, with revenues jumping 35 percent from £95.9 million to £129.7 million.
Despite the good news, the club’s debt remained static at £129 million – all of which is owned to Mike Ashley in the form of an interest free loan.
It is now four years since the club reported a loss, meaning that the are now one of the most financially healthy clubs in the league, but that will mean little to supporters unless on-pitch fortunes improve.
Newcastle face Sunderland in the Tyne-Wear derby this Sunday.