Club refuse to explain why Newcastle United accounts already five weeks late
The Newcastle United accounts are now five weeks late in being filed.
With only 11 days to go until the end of the 2017/18 NUFC season, these delayed accounts are actually for the period 1 July 2016 to 30 June 2017, covering the promotion season.
For whatever reason, Newcastle are always one of the very last to make their accounts public but this time they are taking it to extremes.
The Newcastle United accounts should have been filed by 31 March 2018 but now five weeks later there is still no sign of them.
A quick look on the Companies House website, which gives free access to accounts once they are filed, confirms the NUFC ones are still awaited:
Wednesday has though seen the publication of the latest Newcastle United Fans Forum minutes, which themselves have taken a week for the edited ‘highlights’ to be made public.
They included acknowledgement that Peter Fanning of NUST (Newcastle United Supporters Trust), had asked about the late accounts, but was given this brush off:
Newcastle United Official Fans Forum minutes:
‘PF asked when the club’s next set of accounts will be published.
The club explained that a date has not yet been set for publication but that the next set of accounts would detail the considerable financial impact of the club’s relegation to the Championship for the 2016/17 season.’
I think Newcastle fans have every right to be given a proper answer and explanation as to the delay.
It was 13 months ago when the last Newcastle United accounts were published and for whatever reason, the club chose to make public the following as a n additional note, the summer 2016 transfer window falling outside that (up to 30 June 2016) accounting period:
The Mag – 11 April 2017:
Extract from Newcastle United accounts for period up to 30 June 2016:
‘Subsequent to the balance sheet date the club has generated a net surplus of around £40m in respect of changes to the playing squad, a substantial proportion of the player sales are on deferred terms and will be received over the next 3-4 years, with the result that in the year ending 30 June 2017 there will be a net cash outlay with respect to these transfers.’
What this basically means, is that in summer 2016 Rafa Benitez made the club a £40m profit on transfers in and out BUT that a lot of that money they agreed/wanted to bank over a period of time from the buying clubs.
What the actual accounts for 31 July 2016 to 30 June 2017 actually contain is now awaited with interest, especially what they suggest to us about Mike Ashley’s future plans.
The Fans Forum minutes also failed to address exactly what is happening with the ‘board’ at Newcastle United, which at the moment only consists of Lee Charnley, who happens to be the also the only senior person that is publicly named as working at NUFC, although both Justin Barnes and Keith Bishop from Ashley’s inner circle are widely reported to wield the real power on behalf of Ashley at St James Park.
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