Newcastle United have posted record revenues for the 2024-25 financial year, boosted by a significant increase in commercial income and a revelation by the English soccer club that it has sold its St James’ Park stadium and adjacent land to a subsidiary company.
The Premier League side’s accounts detail how the sale of the leasehold to St James' Park and adjacent land to PZ Holdings Limited contributed to the club posting a £34.7 million ($46 million) profit after tax, the club’s first profit under the ownership of Saudi Arabia’s Public Investment Fund (PIF).
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Newcastle insist this was carried out with a view to either redeveloping the 52,000-seat stadium or building a new ground, rather than complying with the Premier League's outgoing profitability and sustainability rules (PSR).
The northeast outfit’s chief financial officer, Simon Capper, explained that “the motivation was very much to reorganise our property assets and get them into the correct legal boxes to allow us to go forward with our potential development and to facilitate that with financing.”
Last year, Newcastle posted a loss of £11.1 million.
The team stated that the 2025 financial results “reflect a profit on disposal of £133.2 million, which will be slightly adjusted in financial year 2026 based on results of a now-concluded Premier League fair market value process.”
This all led to Newcastle announcing club-record revenues of £335.3 million, up by £15 million from the 2024-25 season.
A key driver was a 44% increase in commercial income from £83.6 million to £120.1 million, despite the club not featuring in European competition last season.
Newcastle did, however, win a first domestic trophy in 70 years by securing the EFL Cup and achieved a fifth-place finish in the Premier League to qualify for the 2025-26 elite UEFA Champions League club competition.
The rise in commercial revenue was also supported by investment into a new in-house retail operation and the opening of the 'St. James' STACK' fan zone next to the stadium.
Matchday income increased marginally from £50.1 million to £51.6 million. The club said the lack of revenue from European competition was compensated for by growth in season tickets, hospitality revenue, and domestic cup receipts, including its successful EFL Cup campaign.
Media revenue (excluding UEFA distributions) increased by £7.1 million (5%) from £154 million to £161.1 million.
Operating expenses for the year were up by £53.4 million (18%) to £344.9 million. This stood at £291.5 million in 2024.
In September 2024, Newcastle announced that Darren Eales would be stepping down as chief executive. He officially departed in September 2025 and was replaced by experienced North American major league sports commercial executive David Hopkinson.
On the club’s annual accounts, Hopkinson said: “Our financial results reflect not only strong progress on and off the pitch, but also the firm foundations being laid for the future we all aspire to.
“Thanks to the continued backing of PIF and the Reuben family, we are better positioned than ever to invest in our long-term vision and create the conditions for sustained success.
“As these results pre-date my arrival, I also want to express my sincere gratitude to Darren Eales for his leadership and dedication during an important period of transition for the club. He made a lasting contribution during a key phase, and we are building on that progress with confidence.”
Last year, Newcastle’s chief commercial officer, Peter Silverstone, also left the club to take up a role with Italian Serie A giants Juventus as their chief business officer.
