Kieran Maguire

Fri 20 May 2022 8:08, UK

PIF have spent £168.9million since they bought Newcastle United from Mike Ashley in October last year.

So says finance guru Kieran Maguire, speaking exclusively to Football Insider about the Magpies’ latest set of annual accounts released via Companies House on Monday (16 May).

The 34-page document encompasses all financial activity for the year ending 30 June 2021, four months before the Saudi-led consortium’s £305million takeover.

Revenue for the period was down by £13m to £140m, while the club attributed £40m of lost income to Covid-related factors and posted a total loss of £16m.

Eddie Howe was allowed to spend big to bring in Kieran Trippier, Bruno Guimaraes, Chris Wood and Dan Burn on fee-paying deals in January.

And Maguire reveals that notes at the back end of the accounts show exactly how much PIF have invested on transfers and other costs since their buyout.

“We have to remember the club is losing money, so some of it goes in the form of paying operation costs,” he told Football Insider’s Adam Williams.

“A lot of the money has been invested back into the squad. The accounts show they have spent £167.9m. There is the sacking of Steve Bruce, which also factors into this.

“There is also a note to say that, after the period end, the group had a net cost of transfer fees that stood as £112m. So, that is where the money has gone.”

The accounts also show that Newcastle under Mike Ashley were the only top-flight side to use the Government’s furlough scheme two years running.

Newcastle conclude their season at Burnley on Sunday (22 May).

In other news, Newcastle United tipped by Gabby Agbonlahor for top-six finish as St. James’ Park footage emerges.