Newcastle United post £11.1m loss but revenue rises in 2023-24

Newcastle have announced a loss of £11.1m in their 2023-24 accounts, a significant reduction on the £71.8m loss the previous season.

The improved figures were helped by a 28% increase in revenue to £320m, largely down to their participation in last season’s Champions League, and a £70m profit from player sales.

Newcastle sold Allan Saint-Maximin to Saudi Arabian side Al-Ahli in July 2023, while Elliot Anderson and Yankuba Minteh were high-profile departures shortly before the accounting deadline of 30 June 2024.

That helped balance out a significant summer 2023 transfer spend on the likes of Harvey Barnes for £38m from Leicester, Sandro Tonali from AC Milan for £55m, Tino Livramento from Southampton for an initial £32m and Lewis Hall from Chelsea for £28m.

The Magpies say those improved figures ensure the club has complied with Premier League profit and sustainability (PSR) rules.

“We are committed to sustainable success and we have started 2025 in a strong position,” said chief executive Darren Eales.

“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.

Eales warned the club may have to sell players when announcing their 2022-23 figures last year, which followed a £70.7m loss in 2021-22, when the club was taken over by the Saudi Public Investment Fund.

Under PSR, Premier League clubs are allowed to post losses of up to £105m over a three-year reporting cycle, though spending on academies, infrastructure and community projects are exempt from calculations.

Newcastle finished seventh in the Premier League in 2023-24, narrowly missing out on a place in Europe. They also reached the quarter-finals of both domestic cup competitions, but were eliminated from the Champions League at the group stage.