Soccer-Newcastle announce 70.7 mln pounds post-tax loss for 2021-22 financial year

Newcastle United recorded a loss of 70.7 million pounds ($87.17 million) after tax for the 12 months ending June 30 2022, the Premier League club said on Friday. The financial success of the club goes hand in hand with our performances on the pitch," Newcastle Chief Executive Darren Eales said. "We have come a long way in the past few months.

Newcastle United recorded a loss of 70.7 million pounds ($87.17 million) after tax for the 12 months ending June 30 2022, the Premier League club said on Friday. Newcastle, who finished in 11th place last season, said the loss was "driven mostly by the investment in the playing squad during the January 2022 transfer window".

The club signed New Zealand forward Chris Wood, Brazil midfielder Bruno Guimaraes and England full back Kieran Trippier as well as defender Dan Burn in that window. Revenue rose by 39.8 million pounds from the previous year to 180 million pounds helped by to an increase in matchday income after COVID-19 restrictions were lifted.

Newcastle said the figures reflect the club's financial performance since it was acquired by a group led by Saudi Arabia's Public Investment Fund in October 2021, with the results including nine months under the new ownership. "This is an ambitious, long-term project. The financial success of the club goes hand in hand with our performances on the pitch," Newcastle Chief Executive Darren Eales said.

"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." Newcastle are currently fifth on 47 points challenging for a Champions League qualifying spot and stand two points behind Tottenham Hotspur, who are fourth, with two games in hand.

They host third-placed Manchester United, who have 50 points also from 26 games, at St James' Park on Sunday. ($1 = 0.8111 pounds)