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Newcastle announce major losses

Newcastle United have announced serious losses from the last financial year.

Toon revealed losses of £33.5million from their season in the Championship.

Relegation from the Barclays Premier League also resulted in the loss of 4,000 season ticket holders and a 39 per cent reduction in turnover from £86.1m to £52.4m. The overall loss after player trading was £17.1m.

Despite relegation, and the fall in actual season ticket sales, more than one million fans still visited St James' Park last season as Newcastle stormed to the Championship title, with an average league attendance of 43,388, which was the fourth highest in England.

Newcastle also paid more than £47m in wages in the Championship, even after losing big earners like Michael Owen, Damien Duff and Obafemi Martins - three times the amount paid by West Bromwich Albion who were also promoted.

The overall level of debt between the start and end of the financial year remained at £150m. However the level of bank borrowings fell by £25m and this was replaced by a £25m increase in loans from the club's owner, Mike Ashley.

All loans from Ashley, which totalled £139.8m at the year-end, have been and remain interest free. In addition, the owner advanced a further £13m to the club who hope to break even this year, even without the addition of the Andy Carroll transfer money.

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