Newcastle United have released their financial accounts for the 2023/24 season.
The Magpies have taken a cautious approach to spending in recent transfer windows, but fans will not know the benefits of that until next year.
Newcastle United announced that overall revenue was £320.3m for the previous financial year, an increase of 28%. However, wages increased 17% to £219m following new contracts for the likes of Bruno Guimaraes and Joelinton.
The club still made a loss of £11.1m after tax but it was significantly less than the £71.8m they lost the season prior.
While wages increased, the wages-to-turnover ratio decreased from 74% to 68.3%.
The growth is significantly more than Darren Eales predicted, with the CEO predicting that it would only be around £300m.
Matchday revenue also saw an increase to £50.1m for the year thanks to the introduction of two new executive lounges within St James’ Park.
The growth in stadium income is a sign that Newcastle’s revenue would increase in a new stadium. Majority stakeholders PIF are set to announce Newcastle’s stadium decision before the end of the season.
With Newcastle’s growth clear to see, fans have taken to social media with a clear message to the PIF.
- READ MORE – Newcastle could add to £76m figure as finance expert hints at ‘bigger deals’ following PIF chief comments
Newcastle fans ask for transfers after accounts are released
Newcastle benefitted from an extra £30m after competing in the Champions League last season. Their prize money was significantly less than other clubs who had already played in Europe’s top competition in previous seasons, but new UEFA rules could see the Magpies bag a much bigger slice of the pie should they qualify this season.
Newcastle posted their financial accounts on social media, with a detailed insight into figures available on their website.
Toon fans reacted to the news on X.
“Can we purchase a Center back then,” said one fan, while another added: “Looks like the days of PSR deadline day is behind us & can now finally build for the future.”
This Newcastle fan referred to the Premier League’s APT ruling, saying: “You feel this would be higher had Sela been allowed to pay what they wanted to pay. Feels like a big summer incoming, regardless of which European comp we are in, Champions League obviously brings more but any competition improves income.”
“We will never win anything if we don’t invest this summer. Our team lacks depth & also invest in youth player quality.” said this passionate Newcastle fan.
Another fan added: “Quality news this. People aren’t ready for our summer spending spree.”
Finally, this fan said: “It’s about time they got sponsorship deals for the training ground and kit, otherwise the numbers will go backwards without Champions League revenues.”
- READ MORE – Newcastle denied £20m transfer boost as Premier League clubs vote 19-1 but Magpies have ‘secret weapon’
What Darren Eales said about Newcastle’s finances
Eales has been Newcastle’s CEO since 2022 but is due to step down from his role after being diagnosed with a rare form of blood cancer.
The 52-year-old has been a big spokesperson for the club since his appointment, regularly attending events regarding the club like the opening of the Sela STACK by St James’ Park which has proven to be a big money-spinner since opening.
Eales commented on the club’s financials via Newcastle’s official website, saying: “We are committed to sustainable success and we have started 2025 in a strong position.
“Our progress has been supported by diligent work on and off the pitch. Returning to the Champions League for the first time in more than 20 years was hugely memorable for everyone connected with the club, and it has clear upside financially as we continue to grow.
“We grew our revenues by 28% in the twelve months to 30 June 2024, with an increase in matchday revenue as well as significantly improved sponsorship deals and a sharper focus on everything we are doing across the club.
“We continue to make significant strides with our commercial deals and matchday offerings as we strengthen the foundations of the long-term project here at Newcastle United.”
Receive a digest of our best Newcastle content each week direct to your mailbox
