Newcastle United record over £75million loss

Newcastle United could still have to sell players to their rivals, their chief executive has warned, after they posted a £73m loss for the 2022-23 season.

The Magpies were taken over by the Saudi Public Investment Fund in October 2021 when 19th in the Premier League.

They finished fourth last season and qualified for the Champions League.

However, Darren Eales said "there is a long way to go" for the club to match the revenue of the biggest sides.

"To put it into perspective, we want to be a top-six sustainable club and Tottenham's latest accounts available [showed the total revenue] was £440m. We are at £250m, so there is a big step even to the lower end of the top six," he added.

"We have also seen that Manchester City are £710m in revenue in their latest accounts. There is a long way to go in growing those revenues."

It was also revealed the club had loaned co-owner Amanda Staveley £600,000 in November 2022 "in respect of certain legal fees", which was interest free and had not been repaid as of 30 June 2023.

A further loan of £659,056 was made on 31 August 2023.

The financial figures for last season showed a £70m rise in turnover to £250m, but the club recorded a post-tax loss of £73.4m for the 12 months ending 30 June 2023, "driven mostly by the continued investment in the playing squad".