Magpies profits flying high
Newcastle United today announced a significant increase in profits – giving officials a welcome boost after the weekend’s ugly scenes when team-mates Lee Bowyer and Kieron Dyer were sent off for fighting each other.
Although the Magpies appear to be in turmoil after the defeat to Aston Villa, the club made a £5.1m (€7.4m) profit in the six months leading up to January 2005, an increase of £4.5m (€6.5m) from the previous six months.
“I am pleased to announce another successful six months for Newcastle United. Our strong financial results will enable the club to continue to compete at the very highest levels,” said Shepherd.
Turnover at St James increased by 3% to £49.5m (€72.1m), with the club benefiting from extended cup runs, hosting England games and increased money from television rights.
The club also moved to buy the rights to their own official website earlier this year, which was perceived as a shrewd financial move.
Money from sponsorship was down slightly although new contracts with existing companies adidas and Northern Rock will start before the 2005 season begins.
