Newcastle United have posted record profits, but their debt to owner Mike Ashley remains at £129 million.
Newcastle United's financial results have shown the Premier League club recorded a fourth straight year of profit, although the debt owed to owner Mike Ashley remains unchanged.
The club released their accounts for the year ending June 2014 Monday, showing an operating profit of £4.7m while improved commercial revenue helped ensure a record £18.7m profit after tax.
However, Ashley is still owed £129m, with the club confirming that none of the interest-free loan had been paid back and that the businessman had not taken any further monies.
Ashley was recently fined by the Scottish Football Association for his influence at Scottish Championship side Rangers, having sought to increase his 8.92 per cent stake beyond 10 per cent.
Newcastle managing director Lee Charnley said in a statement: "I am pleased to report a positive set of results which confirms the healthy financial position the club now finds itself in and is a reflection of the prudent and measured manner in which we operate.
"The club benefits from a supportive owner and is financially stable. This gives us a strong platform from which to grow, both on and off the pitch, a result of which means, as we move forward, we are able to net spend on the playing squad and invest in other areas of the business.
"The most pleasing aspect in this set of accounts has been the growth in our commercial revenue and it has been our strongest year yet in that respect.
"With our commitment to keeping ticket prices affordable for our supporters, growing our commercial income has been crucial. The deals we struck with our two main sponsors, Wonga and Puma, together with a stronger focus on our commercial operations, have helped us achieve this growth.
"We believe financial stability will deliver positive on-field results for the club."
Newcastle are on course for a mid-table finish in the top flight, with John Carver's side 12th going into the final eight games.comments