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New Newcastle United accounts published – The final full year of Mike Ashley

1 month ago

The latest Newcastle United accounts have now been made public.

The final full set of accounts when the club was ran under the ownership of Mike Ashley.

Any number of reasons make these particular accounts difficult to compare and contrast with previous years / seasons.

Not least the fact they cover only 11 months (up to 30 June 2021).

Plus the previous year / season had accounts covering 13 months (up to 31 July 2020).

So the comparisons below are for the latest Newcastle United accounts covering 11 months, compared to the previous ones that covered two months more.

These new Newcastle United accounts are of course signed off by the new owners / directors, rather than the Mike Ashley regime which was in place at the time.

Figures below for 11 months up to 30 June 2021 (in brackets the figures for the previous 13 months):


£140.2m (£152.6m)

Matchday Revenue

£0.2m (£17.4m)

Media Revenue

£119.6m (£106.1m)

Commercial Revenue

£17.6m (£26.8m)

Other Revenue

£3.2m (£3.2m)

Staff costs / wages

£106.8m (£121.1m)

When looking at the figures above, you also of course have to take massively into account the impact of Covid on the Newcastle United accounts.

Newcastle United had operating losses of £13.7 million (in 11 months up to 30 June 2021) in this final set of full accounts during Mike Ashley’s ownership.

The Athletic report on these newly released Newcastle United accounts for the 11 months up to 30 June 2021:

‘Newcastle United’s owners have injected £167.9 million worth of equity funding into the club — partly to cover the club’s £112 million net transfer spend across the 2021-22 season.’

‘However, it is the post-accounting period update that is most interesting, and it confirms that the Public Investment Fund (PIF) of Saudi Arabia, who are 80 per cent majority shareholders, as well as the Reubens and PCP Capital Partners, who own respective 10 per cent stakes, have ploughed money into the club through equity funding since the takeover was concluded on October 7.

The filing states that the £167.9 million has been used “partly in settlement of the outstanding loan owed to St James Holdings Limited” — Ashley’s company that previously owned the club — and “partly in cash, the latter of which enabled significant investment into the playing squad during the January 2022 transfer window”.

However, while a net outlay on transfers of £112 million is outlined, that is understood to include the £20 million-plus fee to sign Joe Willock from Arsenal last summer, a deal that was ratified by the previous regime, in addition to the £92 million January spend under the consortium.’

It appears that the new Newcastle United owners have waited until safety / relegation was confirmed before publishing the accounts. As I would assumed these additional notes would have been different if relegation had happened.


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