Kieran Maguire details '£4.5m' Newcastle reveal as fans 'ashamed' and 'embarrassed'
Newcastle United have likely claimed approximately £4.5million from the Government’s Job Retention Scheme.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about the latest official furlough figures.
The data shows that Newcastle claimed between £100,001 and £250,000 per month from the Government scheme in May.
The Job Retention Scheme will end on 30 September but figures detailing which have businesses claimed furlough will continue to be released.
Their last set of annual accounts showed that the Magpies claimed £1.5m from the Government in the 2019-20 financial year.
Maguire predicts that Newcastle’s next annual report will document that the club has claimed around treble that figure in total.
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“Mike Ashley has never courted public approval,” he told Football Insider correspondent Adam Williams.
“He is probably the most thick-skinned owner in the Premier League. For him, it’s a no-brainer. To him, it’s free money.
“Certainly looking at the reaction from Newcastle fans, they feel embarrassed and slightly ashamed because it does not reflect their ethics.
“They expect better than this. For a club with a £121m-a-year wage bill, this just seems to be petty.
“It is straight from the Mike Ashley textbook. Why give anything away and why not claim for anything that you can claim?
“It was £1.5m for March to July 2020. So you’re going to treble that in all probability by the next set of accounts.
“The money they have saved will probably pay for two players’ salaries per season.”