Newcastle United’s 2024/25 season was described as “memorable”, marked by their first major trophy in 70 years after a Carabao Cup final victory against Liverpool. Qualification for the Champions League for the second time in three years after finishing fifth in the Premier League also boosted the club.
These accounts represent Newcastle’s third full set under the ownership of the consortium led by Saudi Arabia’s Public Investment Fund (PIF), following the end of Mike Ashley’s tenure.
PIF Increases Stake in Newcastle United
Amanda Staveley stepped down from the board in July 2024. Subsequently, PIF increased its stake to 85%, with Jamie Reuben’s RB Sports & Media Ltd holding 15%. PIF stated this was “part of the long-term plan to develop the club and make it a consistently credible competitor in domestic and European competitions”.
Since the acquisition in October 2021, Newcastle have seen progress both on and off the pitch due to significant investment from the new owners. The club finished fourth, seventh and fifth in the last three seasons.
Financial Performance: Profit Boosted by Asset Sales
Newcastle reported a £35m pre-tax profit, a notable turnaround from the £11m loss the previous year. However, this was largely due to a £133m gain from exceptional asset sales to other group companies, primarily their St James’ Park stadium. Excluding these sales, the club would have posted a £98m loss.
Revenue Growth Offset by Rising Expenses
Revenue increased by £15m (5%) to a club record £335m. This rise was offset by a £56m (14%) increase in operating expenses, climbing from £389m to £445m.
Profit on player sales decreased by £50m (72%) from £70m to £20m, while net interest payable fell £3m (28%) from £12m to £9m.
- Revenue rose to £335m.
- Commercial revenue increased by £37m (42%).
- Broadcasting income fell by £23m (12%).
Commercial Revenue Drives Growth
Despite the absence of UEFA TV money, Newcastle managed to grow their revenue, largely due to an increase in commercial revenue. Commercial revenue increased by £37m (42%) from £86m to £123m. Match day revenue also rose, increasing £1.5m (3%) from £50.1m to £51.6m.
Broadcasting income decreased by £23m (12%) from £184m to £161m, impacted by their Champions League campaign the previous season.
Investment in Squad and Infrastructure
The cost base significantly grew as the new owners invested in the squad and club infrastructure. This investment aims to help Newcastle challenge at the top of the table, addressing years of austerity under previous ownership.
Wages increased by £24m (11%) from £219m to £243m. Player amortisation saw a slight increase of £3m (3%) from £97m to £100m. Other expenses rose by £25m (38%) from £68m to £93m, while depreciation was up.
Newcastle United Women finished fifth in their first season in the FA Women’s Championship, having turned full-time professional in the summer of 2023.