Newcastle United announce £19m profit

Mike Ashley - owner of Newcastle United

Newcastle United have announced a record annual profit of £18.7m for the 2013-14 year which is the fourth consecutive year the club has made a profit.

The Premier League club still has a debt of £129m which they say is an interest-free loan from it’s owner Mike Ashley of Sports Direct.

“The club benefits from a supportive owner and is financially stable,” managing director Lee Charnley told the BBC..

“This gives us a strong platform from which to grow, on and off the pitch.”

Mike Ashley took over Newcastle United in 2007 but it has not been a completely happy partnership as in October 2013 fans marched through Newcastle protesting against the way he was running the club.

Newcastle are currently in 12th place and say that a growth in their commercial revenue has helped increase after-tax profit to £18.7m from £9.9m in 2013.

An operating profit of £4.7m was recorded for the year ending June 2014 which is up from operational losses of £0.6m in the previous 12 months.

Newcastle United sold France midfielder Yohan Cabaye to Paris St-Germain in a £19m deal in January 2014 which no doubt helped the club in a big way.

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