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Newcastle United suffers financial loss
England - 30 October, 2006
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English Newcastle United had a GBP 12 million loss last year compared to a profit of GBP 620,000 the year before.
Buying Michael Owen from Spanish Real Madrid increased costs, and low ticket sales caused a drop by nearly GBP 4 million to GBP 83 million in revenue.
"The board believes 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," said Freddy Shepherd, Newcastle chairman.
Newcastle, which finished seventh in the Premier League, should see an income increase by playing in European competition this year.
There are rumours that the Jersey-based firm Belgravia Group is considering a possible bid for the club but Shepherd said there is no assurance a formal bid is coming.
Buying Michael Owen from Spanish Real Madrid increased costs, and low ticket sales caused a drop by nearly GBP 4 million to GBP 83 million in revenue.
"The board believes 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," said Freddy Shepherd, Newcastle chairman.
Newcastle, which finished seventh in the Premier League, should see an income increase by playing in European competition this year.
There are rumours that the Jersey-based firm Belgravia Group is considering a possible bid for the club but Shepherd said there is no assurance a formal bid is coming.
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