Newcastle United, the English soccer club, have announced a loss of £73.4 million ($93.8 million) for the 2022-23 financial year.

The Premier League side said this was “in line with the club's prior year financial performance” and attributed it mostly to the continued investment in the playing squad.

Newcastle have spent more than £400 million on players since being taken over by a consortium backed by the Saudi Public Investment Fund (PIF) in October 2021.

Swedish striker Alexander Isak became the club’s record signing after a £63 million move from Spain’s Real Sociedad in August 2022.

Despite the loss, Newcastle posted a 39% increase in revenues for the 12 months ending 30 June 2023. The club generated £250.3 million, up from £180 million the previous year, as matchday, commercial, and media rights revenues all increased.

The northeast outfit enjoyed a successful season on the pitch, reaching its first major cup final in 24 years (EFL Cup) and finishing fourth in the Premier League to secure qualification for the UEFA Champions League elite club competition.

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The PIF-backed ownership group took charge of Newcastle when they were 19th in the top flight.

Broadcast income rose £41.4 million (up 33%) from £124.1 million to £165.5 million. The figure increased largely due to the club’s fourth-place finish as the number of live TV matches increased to 26 from the previous year.

The club’s commercial income increased £17.4 million (up 66%) from £26.5 million to £43.9 million.

Newcastle announced a new kit supply deal with German sportswear giant adidas from the 2024-25 season and extended their partnership with Saudia, the national carrier of Saudi Arabia.

The team’s matchday revenue was £10.4 million (up 38%) from £27.5 million to £37.9 million, with seven cup fixtures played in the year (2021-22) as they progressed to the EFL Cup final, an enhanced pre-season and mid-season program, and increased revenues from both seasonal and matchday hospitality.

Since the end of the accounting period last June, the ownership group has injected additional capital into the club to “improve the financial position of the business.”

The club said the additional funding “aligns with PIF's approach as a long-term investor.”

Darren Eales, Newcastle’s chief executive, said: “Newcastle United has had a very successful year both on and off the pitch. We grew revenues by 39%, with an increase in TV money, improved sponsorship deals, and a sharper focus on everything we are doing across the club.

“We continue to make progress each day as we strengthen the foundations of the long-term project that we are developing here at the club.”

Newcastle, however, could be forced to sell some players in the summer to balance the books and stay within the Premier League’s Profitability and Sustainability Rules.

Eales added: “Any decision we make will always be against the backdrop of the medium to long-term benefit for the club. It's difficult to say specifically on certain players, but I can say that, if we're going to get to where we want to get to, at times it is necessary to trade your players.”