Revenue of PIF-owned Newcastle jumps 28% as losses drop sharply for 2023-24 season

Updated 1 min 7 sec ago

Arab News Reuters

March 05, 2026 12:08

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LONDON: English soccer side Newcastle United reported revenue of £320 million ($406.88 million) for the financial year ending June 2024, a 28 percent increase from 250 million in 2023, driven by higher income following their return to the Champions League.

Newcastle, acquired by the Kingdom’s Public Investment Fund in 2021, had commercial income rise 90 percent from £43.9 million to £83.6 million in 2024, driven by new deals with Saudi companies Sela and Noon, as well as Adidas and UK-based Fenwick.

Champions League distributions amounted to nearly £30 million, though Newcastle were eliminated in the group stage.

“Returning to the Champions League for the first time in more than 20 years was hugely memorable for everyone connected with the club, and it has clear upside financially as we continue to grow,” Newcastle United CEO Darren Eales said in a statement.

“We are committed to sustainable success and we have started 2026 in a strong position.”

The Amazon Prime documentary “We Are Newcastle United” and changes to the club’s retail and catering operations also boosted revenue.

The club also significantly reduced its after-tax losses from £71.8 in 2023 to £11.1 million in 2024, an 84 percent drop, driven by controlled spending to comply with Premier League sustainability rules after their hefty 2023 outlay.

The club are in a tight battle for a top-four finish this season, which would mean a return to the lucrative Champions League, with Nottingham Forest and Bournemouth also in the mix. Newcastle sit sixth, three points behind fourth-placed Manchester City and 23 adrift of leaders Liverpool.

Newcastle are set to face League Cup holders Liverpool in the final on March 16. They were dumped out of the FA Cup after a dramatic quarter-final 2-1 loss to Brighton & Hove Albion on Sunday.