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.