Saudi-backed Newcastle United narrows losses to $14m

Reuters

Saudi Arabia-backed Newcastle United Football Club has reported an £11 million ($14 million) loss for the last financial year, despite a 30 percent increase in revenues.

The deficit at the Public Investment Fund majority owned English Premier League club was reduced by £60 million year on year, attributed largely to the money gained from qualifying for the European Champions League.

Participating in Europe’s top club competition contributed almost £30 million in prize money, even though the Magpies, as the team is known, failed to progress from the group stage.

Revenue grew from £250 million to £320 million over the year.

A shirt sponsorship deal with Saudi Arabian entertainment company Sela also helped increase commercial revenue by 90 percent.

“We are committed to sustainable success and we have started 2025 in a strong position,” said Newcastle chief executive Darren Eales.

The Saudi sovereign wealth fund led a buyout of Newcastle in October 2021, alongside PCP Capital Partners and RB Sports & Media in a deal valued at about £300 million.

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In October last year PIF, which has around $925 billion assets under management, invested a further £35 million into the club.

Newcastle are currently in sixth position in the Premier League and are scheduled to meet Liverpool in the final of the Carabao Cup later this month.