Manchester City Forums

The Times
January 23, 2009

Newcastle United report £34.1m loss


The black hole at the heart of Newcastle United’s finances has been revealed with the first set of figures from Mike Ashley’s disastrous spell as owner showing that the company set up to run the club made a pre-tax loss of £34.1 million.

The report also discloses that, of the annual turnover of £100.9 million, the wage bill amounted to £73 million, or 72 per cent of Newcastle’s income. About 60 per cent is generally accepted as the safe limit. This may explain why the club have been eager to cut the salaries of senior professionals such as Michael Owen, Nicky Butt and Steve Harper, all of whom are out of contract this summer, provoking disaffection in the dressing-room.

The accounts for St James Holdings Limited, the company established to buy and operate Newcastle, which it wholly owns, put into perspective recent problems on and off the pitch. While Ashley has promised to support the club through trying economic circumstances, it is clear that previous levels of spending are unsustainable.

The deficit of £34.1 million for the year ended June 30, 2008, includes £20.3 million that arose directly from the running of the club. It confirms that, after buying Newcastle for £134 million, Ashley has spent another £100 million to keep them afloat, including £70 million on cutting debts.

HAHAHAHAHAHAHAHA!!

I hate Newcastle and their 'we're a big club' diatribe that all of their fans come out with. Just because they manage to get 30,000 fans for Owen's signing, they think that they are one of the top clubs in Europe. Shame they don't get that for the games, otherwise they wouldn't be in this type of trouble.

They are one of those clubs who seem to think that they deserve success, and instantly sack their manager if they finish below 8th. Spitting Image Sam never made it there, KK never made it there, Guillit, Robson, etc.

Maybe they will keep a manager when Shearer eventually joins them.

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Balotelli - The best player at City; you heard it here first.

Yeah, ha ha! They're like that other Premiership club....erm.....who is it....hang on it's on the tip of my tongue......erm...Man....er........

Rubbish! We don't tout ourselves as one of the biggest in Europe, nor do we believe we should be finishing in the top four year on year.

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Balotelli - The best player at City; you heard it here first.

It was a joke mate, but our record with managers is nothing to be proud of.

Plus, I hate how they're always looking for similes.

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Manchester City - No longer a "hole-in-the-sock" sort of club.

Here is a smiley for you Badger

































ooops you meant similies

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If all brides are beautiful, where do ugly wives come from?

Can't take any pleasure in this TBH.

And Damocles. You and your Bluemoon mates didn't exactly cover yourself in glory by going over to the AC Milan forum the other week did you ?

Do you feel a bit daft now? If you don't you should.

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I hate Bobby Charlton.

Damocles realised this time he really had gone too far.....

So the fans want rid of Ashley because he didnt sanction Keegan's £100m spending spree?

Selling off Duff and Owen would get them operating at 60%.

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Allegedly

KC, please have a clue what you are talking about before posting. I am the only one who went over there and didn't get banned, because I didn't spout off. In fact, I still post there regularly.

I don't feel daft at all. Do you feel daft that you completely misjudged my reaction?

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Balotelli - The best player at City; you heard it here first.

newcastle

possibly the only club that has been run worse than us in the past

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'Fabio, the round thing there is the ball'

Aguero

I like damocles he is a good poster, something you dont see very often around here

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Posting Bi-Monthly These Days

I was born with "methemoglobinemia"

Seconded

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tbf.

You are all gay.

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Balotelli - The best player at City; you heard it here first.

poof

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'Fabio, the round thing there is the ball'

Aguero

Ooooh errrr:rolleyes:

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tbf.

Will you be my bear?

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Posting Bi-Monthly These Days

I was born with "methemoglobinemia"

Only if you will be my snake.

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Balotelli - The best player at City; you heard it here first.

How bout legless lizard?

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Posting Bi-Monthly These Days

I was born with "methemoglobinemia"