Salem Badughaish
Source of the picture: https://images.app.goo.gl/3HAVHqBnu9QrWr676
Newcastle United has released its financial accounts for the 2021/22 season, and it's been reported that the football club has incurred a loss of £70.7m after tax. These figures represent the financial performance of the club between July 2021 and June 2022, which includes the nine months of investment by Saudi Arabia's Public Investment Fund (PIF), PCP Capital Partners, and RB Sports, following their acquisition of the club in October 2021.
Despite the considerable loss, it's worth noting that there are some encouraging signs of growth in Newcastle United's financial results. Turnover has increased by £40m since Mike Ashley's departure, and commercial revenue has also risen by £9m. These figures demonstrate the club's concerted efforts to improve all aspects of its business and operations. It's essential to understand that a rise in wages has contributed to the increase in losses. However, this is not necessarily a negative development, as it indicates that Newcastle United has invested in its players, coaching staff, and overall infrastructure, which could lead to improved performance and greater success on the pitch in the future.
Overall, while the loss of £70.7m is undoubtedly a significant figure, it's essential to look beyond the headline and recognize the progress that Newcastle United has made in enhancing its business and financial operations over the past year. The club's owners and management team will undoubtedly be hoping that these efforts will translate into improved results on the field in the years to come.
Source: chroniclelive.co.uk
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