Newcastle United have announced a 183% leap in half-year profits, following a successful run in the Champions League.
Operating profits at the club rose from œ7.1m to œ20.1m in the first six months of the year. The result wss described by club chairman Freddy Shepherd as a reflection of “both the club’s participation in the Champions League and a continuing concerted effort by the directors, management and staff to make the club one of the best in Europe”.
Newcastle confirmed that the ratio of player wages to turnover remained under50%. The wage bill went up by 47% from œ15.6m to œ22.9m but this figure was dwarved by increased revenue at St James Park.
“The stadium redevelopment and pursuit of a strategic recruitment policy based on young players of quality, combined with tight financial control, are all now reaping significant rewards,” added Mr Shepherd.