Why Toon fans cannot cash in
YOU CAN almost hear the sarcasm dripping off the comments by Newcastle fans who are suggesting an open- top bus parade following news the club have made an £ 18.7 million profi t in 2014.
But amid that black humour is fury at the fact Newcastle sold star player Yohan Cabaye to Paris Saint- Germain for £ 20m that season and have failed to replace him since.
Managing director Lee Charnley championed such profi t- making as the best way to strengthen the squad. But it has led to fans accusing the club – again – of a lack of ambition.
Newcastle are embracing mid- table mediocrity in the Premier League and were dumped out of the FA Cup at the earliest opportunity, losing to Leicester in the third round.
Still, what Toon fan will care about such trivial things when the cash is swirling around...
Newcastle’s revenues also increased by 35 per cent from £ 95.9m to £ 129.7m.
More than half of Newcastle’s income – £ 78.3m – came from the Premier League TV rights deals, with commercial income also increasing.
Mark Jensen, editor of online fanzine themag. co. uk, said: “This has just provoked more questions than answers.
“There is £ 28.5m of costs for which there is no explanation. The wages- to- turnover ratio is also not included.
“We had anticipated a profi t of about £ 50m, especially with Yohan Cabaye being sold.
“The way most fans look at it is that Newcastle didn’t buy a single player in that whole season and sold Cabaye. Everyone knows how much these clubs are getting from TV, so Newcastle fans would like to think more profi t would mean more team strengthening. But that has not been the case.
“There seems to be both a lack of transparency and ambition.”
That is just not so according to Charnley.
He claimed that the club’s model is the way forward if Newcastle are to buy more players.
But that is something they also failed to do in the January transfer window.
Charnley said: “We believe fi nancial stability will deliver on- fi eld results for the club.
“This gives us a strong platform from which to grow, both on and off the pitch.
“As we move forward, we are able to net spend on the playing squad and invest in other areas of the business.”
Newcastle owner Mike Ashley refused to claw back any of his £ 129m loan to the club, nor has he taken any other monies from the club.
It is the fourth successive year the club has made a profi t and cements Newcastle’s position, in fi nancial terms, as one of the most successful in the top fl ight.
But you can understand the fans’ frustration. As one tweeted: “Newcastle fans fl ock to the streets in masses to celebrate their record profi t win.”