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Soccer-Newcastle’s revenue jumps 28% as losses drop sharply for 2023-24 season
Published by Global Banking and Finance Review
Posted on March 4, 2025
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Published by Global Banking and Finance Review
Posted on March 4, 2025
(Reuters) - English soccer side Newcastle United reported revenue of 320 million pounds ($406.88 million) for the financial year ending June 2024, a 28% increase from 250 million in 2023, driven by higher income following their return to the Champions League.
Newcastle, acquired by Saudi Arabia's Public Investment Fund in 2021, had commercial income rise 90% from 43.9 million to 83.6 million pounds in 2024, driven by new deals with Saudi companies Sela and Noon, as well as Adidas and UK-based Fenwick.
Champions League distributions amounted to nearly 30 million pounds, though Newcastle were eliminated in the group stage.
"Returning to the Champions League for the first time in more than 20 years was hugely memorable for everyone connected with the club, and it has clear upside financially as we continue to grow," Newcastle United CEO Darren Eales said in a statement.
"We are committed to sustainable success and we have started 2025 in a strong position."
The Amazon Prime documentary 'We Are Newcastle United' and changes to the club’s retail and catering operations also boosted revenue.
The club also significantly reduced its after-tax losses from 71.8 million in 2023 to 11.1 million pounds in 2024, an 84% drop, driven by controlled spending to comply with Premier League sustainability rules after their hefty 2023 outlay.
The club are in a tight battle for a top-four finish this season, with Nottingham Forest and Bournemouth also in the mix. Newcastle sit sixth, three points behind fourth-placed Manchester City and 23 adrift of leaders Liverpool.
Newcastle are set to face League Cup holders Liverpool in the final on March 16. They were dumped out of the FA Cup after a dramatic quarter-final 2-1 loss to Brighton & Hove Albion on Sunday.
($1 = 0.7865 pounds)
(Reporting by Shifa Jahan in Bengaluru; Editing by Christian Radnedge)