An excellent look at the NUFC profits and the truth of what has really gone on at Newcastle United under Mike Ashley, has been published today.

Turning his eye to St. James’ Park, ‘The Swiss Ramble’ (an ex-pat Brit living in Switzerland who writes about the business of football) has investigated exactly what the finances really tell us in the context of the whole club.

You might need to take a little time to read it as Swiss Ramble goes really in-depth, but here are a few of the highlights below.

Thanks to the new TV money, most Premier League clubs actually reported profits in 2013/14 with only five clubs making a loss. That said, Newcastle’s post-tax profit of £19 million was the fifth highest in England’s top tier, only surpassed by Tottenham Hotspur £65 million, Southampton £33 million, Everton £28 million and Manchester United £24 million.

As you can see by Swiss Ramble’s image below, it is a myth that Premier League clubs can’t make money these days, with 15 of the 20 clubs making a profit last season.

Though none of them did it by a combination of simply banking the extra TV money, buying not a single player AND selling their best player.

nufc profits

More key points that Swiss Ramble makes:

Fourth consecutive profit:

In fact, this is the fourth consecutive year that Newcastle have made money and they have accumulated profits of £63 million since 2011.

Poverty of playing squad:

It’s little wonder that supporters are enraged by this level of profit, especially when they compare it with the absolute poverty of the playing squad.

If selling players not included…:

If player trading were to be excluded, Newcastle would not be one of the more profitable clubs in the Premier League.

Devil in the detail:

Before the big man arrived, Newcastle’s revenue was £87 million in 2007, which has since increased to £130 million in 2014. On paper a 49% (£43 million) growth is reasonably impressive, but the devil is in the detail, as this has been entirely driven by the centrally negotiated Premier League TV deals, which have helped produce a £52 million growth in this period.

To read Swiss Ramble’s excellent full article go HERE



  • HD_07

    What is a miracle is the fact the profits are so low.

  • HD_07

    What is a miracle is the fact the profits are so low.

  • Sickandtiredstill

    Read in full. A much more critical take on things after his previous analysis. No doubt all those amateur accountants which clung to Swiss Ramblers last report can now understand the damning evidence most of us have been trying to make a point about. 

    “The ultimate goal of a football club is not to make profits, but to challenge for trophies. The Champions League might not be a realistic objective, but a club like Newcastle should be comfortably finishing in the top eight every season. Even if you consider Newcastle to be a purely business proposition, it is not enough to make profits without investing in your assets – and that means the playing squad, which requires a significant overhaul.
    The former Newcastle board got many things wrong, but it is difficult to argue with the strategy expressed in their last annual report, which was “to secure the club’s position among the top teams in England and compete in Europe on a regular basis. Success on the pitch brings financial reward in terms of enhanced gate receipts and increased broadcasting and other revenues.”

  • newcastle7

    Sickandtiredstill The problem years in the latter years of Sheppeds reign we began to slide
    down the league and we ran out of money.We could no longer compete with the big boys and John Hall admitted he was out of his depth and was time to move on.Read our former chairman’s book the day the promises had to stop.

  • LeazesEnder

    He’s accepted the ‘debt’…. as pure debt and not half as an asset, which will be sold to the next owner!

    There is no value on the club either….. value the club!

    Itemise the fictitious ‘debt!’

    Theres a challenge for someone!

  • DownUnderMag

    newcastle7 Sickandtiredstill what and we are competing better now??

  • Sickandtiredstill

    newcastle7 Oh, and who we competing with now exactly? 

    Are you actually capable of understanding things that do not fit with your pro Ashley/regime agenda?

  • LeazesEnder

    newcastle7 Sickandtiredstill … ‘the best results will come only if it is run with a heart and recognition of the clubs central role in local culture’…. Denis Cassidy p141

  • Toonbadger

    Has anyone looked at MASH holding`s accounts to see how he doubled his profits from last year? I`ll bet theres a huge chunk coming from SJP

  • IntravenusMP

    Rather than proving Ashley has not achieved “miracle”, it rather suggests he’s managed to turn things around. Fact is that when Ashley took over, the losses were higher than even our championship year. Those first few years showed that someone had to put the house in order. Wages were too high, loses accumulating and this needed financing. 

    To his credit, Ashley has done so. However, having steadied the ship, I do think it’s time to sail in her. Good that the transfer policy is, I think this summer needs to see investment. A striker, full-back and a midfielder are needed. Although I’d love to see our young centre halfs come through, it’s possibly a season too soon so a defending centre half is required.

  • IntravenusMP

    Toonbadger no, there’s not.

  • IntravenusMP

    Sickandtiredstill newcastle7 Conversely, are you able to think things through that do not fit with the painted bed-sheet brigade?

  • Sickandtiredstill

    IntravenusMP Sickandtiredstill newcastle7
    Can you think this through?
    “Newcastle’s retail arm…. is worth £3.4m of business to the company (SD).” As Simon Bird was told at the SD AGM.

    NUFC accounts (and commented on by Swiss Rambler) –
    “For example, the accounts note that the club purchased £2.8 million of goods from Sports Direct (up from £0.8 million)”

    Sorry pal, but something plainly does not add up there. Retail stock of only 0.8 million, in it’s entirety? 

    I’ll take Swiss Ramblers view on the accounts over yours any day of the week. He is independent, highly regarded, and has no axe to grind on either side.

    “If they had ploughed back the £60+ million of profits made over the last four years into the playing squad, then they would have had a fighting chance of competing at the top end of the table instead of languishing among the also-rans”

  • IntravenusMP

    Sickandtiredstill IntravenusMP newcastle7 Funny that I pointed out that note on the last page of the accounts last week.

  • Sickandtiredstill

    IntravenusMP Sickandtiredstill newcastle7 Actually I raised the point to you last week. 
    You never did answer. Obviously because you can’t, nor can I, but it sure as hell doesn’t add up.

  • LeazesEnder

    IntravenusMP What do you mean ‘turn things around’?

  • LeazesEnder

    IntravenusMP Toonbadger Yes there is…. free advertising for a start…. and as MASH holdings own NUFC…. the money sitting in the account!

  • LeazesEnder

    Intravenus de Milo
    140 posts and 8 likes
    Keep on telling it like it is you daft trout

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