Mags reveal big loss for season in second tier

Newcastle United have revealed an operating loss of more than £90million in the Championship.

The Magpies yesterday filed their accounts for the year ending June 30, 2017.

Newcastle returned to the Premier League at the first attempt last season, but their year in English football’s second tier, during which they had an average home attendance of 51,108, came at a cost.

The Tynesiders recorded an operation loss of £90.9million and turned over £85.7million, down from £125.8million the previous year. The loss, after tax, was £41.3million.

Newcastle’s wage bill was a staggering £112.2million, the highest in the history of the Football League.

Thisfigure,accordingto the club, included “promotion bonuses and onerous contract provisions totalling just over £30million”.

The Magpies’ wages to turnover ratio was 130.9%, up from 59.4%.

Owner Mike Ashley made a further interestfree loan of £15million to the club last year, taking the total debt to £144m.

Managing director Lee Charnley revealed that the fees Newcastle got from the sales of a number of players in summer of 2016 – Moussa Sissoko and Georginio Wijnaldum left the club after relegation – were payable over four years.

Charnley, in the accounts, said: “After an at times challenging season in the Championship, everyone connected with the club was delighted when, with two league games remaining, we secured automatic promotion.

“Even taking into consideration the fantastic levels of support during our Championship season, such is the huge disparity in central broadcasting and commercial revenues between the Premier League and EFL, we are reporting a drop in annual income of almost one third.

“An immediate return to the Premier League was vital to restore the financial stability and future prospects of the club.”

Tottenham winger Keanan Bennetts, 19, has joined Bundesliga club Borussia Monchengladbach on a four-year deal, having failed to make a single senior appearance for Spurs.