Revealed: Newcastle hit by shattering new FFP blow
The wage bill at Newcastle United grew to a record-breaking £187million in the 2022-23 season, Football Insider can reveal.
The Tyneside club published their 2022-23 financial report on Thursday (11 January) revealing that the club’s overall turnover was £250million.
Despite their club-record turnover figures, Newcastle still made a post-tax loss of £73.4million.
Within the report, Newcastle also revealed that their wage bill grew to a record-breaking £187million last season.
The average salary within Newcastle’s first-team squad now sits at £95,000 per week.
It marks a 10 per cent increase on their £170million wage bill from last season, while their wages in 2020-21 were just £107million.
The huge increase in wages since the club’s takeover represents the increased investment in the first-team squad, but it has also left the new owners with Financial Fair Play complications.
With successive losses now recorded under the new ownership, Newcastle’s ability to spend in the transfer market has been significantly restricted.
Club CEO Darren Eales admitted that Newcastle may be forced to sell players to adhere to Profit and Sustainability rules.
“If we're going to get to where we want to get to, at times it is necessary to trade your players,” said Eales.
Newcastle invested £160million into their squad over the 2022-23 campaign including a club-record £63million deal for striker Alexander Isak.
The Magpies may now be forced to sell players this season to avoid making excessive losses - Premier League clubs are allowed to lose just £105million over a rolling three-year period before facing punishment.