Magpies see cash losses pass £6m

NEWCASTLE’S investment in England striker Michael Owen and Spain international Albert Luque contributed towards an operating loss of more than £6 million (€8.9 million).

Figures for the 11 months to June 30 released yesterday revealed a loss from operations of £6.2m compared to a profit of £5.9m a year previous.

However, group operating profits before player amortisation (player-related costs) and trading rose slightly to £6.2m from £6m as revenue decreased by £3.9m to £83.1m.

Owen cost £17m from Real Madrid, Luque £9.5m from Deportivo La Coruna and Nolberto Solano’s return from Aston Villa cost £1.5m.

Chairman Freddy Shepherd said: “This season has not started as we would have liked, however there are signs of improvement including our recent qualification into the group stages of the UEFA Cup.”