Kieran Maguire: Newcastle fans will be 'embarrassed' amid £1.2m Ashley reveal
Newcastle United fans will be “embarrassed” by how much money their club claimed from the Government’s furlough scheme.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about the Magpies recently-released annual report.
The financial results posted to Companies House on 6 August show that Newcastle claimed £1.15million from the Job Retention Scheme.
The accounting period is for the 2019-20 financial year, the final three-and-a-half months of which were hit heavily by the pandemic.
And Maguire predicts that next year’s accounts will show Newcastle have claimed significantly more from the Government than £1.15m.
He told Football Insider correspondent Adam Williams: “I don’t think it reflects particularly well on Mike Ashely.
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“I would expect the figure to be substantially higher in next year’s accounts given that this is effectively for three-and-a-half months.
“There are smaller clubs than Newcastle who did not claim furlough. We saw both Liverpool and Spurs reverse their decision after listening to the fanbase.
“They realised they had made an error. It was harsh to claim furlough for office staff when they’re paying players hundreds of thousands of pounds per week.
“I think this is further indication of Mike Ashley’s tin ear. He has no sense of empathy for the values of the Newcastle fans.
“They will have been embarrassed by this. In the EFL, it is completely different because the clubs do not have the benefit of the TV deal.”