EPL Newcastle Cuts Losses, Boosts Commercial Revenue In 2012-13
EPL side Newcastle United cut operational losses to £660,000 in the '12-13 financial year "in an effort to comply with UEFA's financial fair play (FFP) regime," and boosted commercial revenue by almost 25%, according to Robert Woodward of REUTERS. This revenue increase to £17.1M "helped boost profits" after tax to £9.9M, from £1.4M in '11-12, on overall turnover of £95.9M. The club said that it spent £28.7M on new players, including Yoan Gouffran and Mathieu Debuchy, in the year to June 30, a rise of more than 30%, but recouped £11.1M from selling players (REUTERS, 2/25). In London, Liam Prenderville reported figures show the club "is continuing towards breaking even as well as making progress in line with UEFA's Financial Fair Play regulations." The club "went on to confirm their debt remains static" in the form of a £129M interest-free loan from Owner Mike Ashley (DAILY MIRROR, 2/25). Also in London, Craig Hope reported the figures "appear to show that Newcastle are in a stable condition but supporters continue to protest against their perceived lack of investment in the first-team squad." A statement from the club's board said, "Complying with FFP continues to be a key influence on strategy and something we have been working hard at over a number of years" (DAILY MAIL, 2/25).