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Newcastle announced record profits yesterday of £18.7 million for last season but fans say the figures have provoked more questions than answers.
The club have not released the full annual report, only selected highlights with no detailed explanation as to how £28.5m of extra costs have been incurred.
Mark Jensen, editor of online fanzine themag.co.uk, said he had expected profits for the 2013/14 campaign to be closer to £50m given the increase in income from television rights and the sale of Yohan Cabaye to Paris St Germain for around £20m.
Newcastle also reported that revenues increased by 35 per cent from £95.9m to £129.7m.
More than half of Newcastle’s income — £78.3m — came from the Premier League television rights deals, with commercial income also increasing.
Jensen said: “This has just provoked more questions than answers. There is £28.5m of costs for which there is no explanation. The wages-to-turnover ratio is also not included.
“We had anticipated a profit of around £50m, especially with Cabaye being sold.
“The way that most fans look at it is that Newcastle didn’t buy a single player in the whole season and sold Cabaye.
“Everyone knows how much these clubs are getting from TV so Newcastle fans would like to think more profit would mean more team strengthening but that has not been the case.
“There seems to be both a lack of transparency and ambition.”
Newcastle finished 10th last season and are currently 12th in the Premier League table.
A Newcastle statement said: “Most significantly, the club reported strong commercial revenue growth delivering £25.6m in 2014, up from £17.1m in 2013.
This 49.7 per cent increase was largely the result of two lucrative new deals with the club’s principal sponsors, Wonga and Puma.”