Newcastle have emerged as one of the most profitable clubs in the Barclays Premier League after announcing record profits of £18.7million last season.
It is the four successive year the club has made a profit and cements Newcastle’s position, in financial terms at least, as one of the most successful in the top flight.
Everton made a profit last season of £28.2m, Manchester United £23.9m, Chelsea £18.4m and Arsenal £4.7m while Sunderland lost £16.9m and Manchester City made a £23m loss.
But Newcastle fans’ groups say the figures have provoked more questions than answers.
The club have not released the full annual report, only selected highlights with no detailed explanation as to how £28.5m of extra costs have been incurred.
Mark Jensen, editor of online fanzine themag.co.uk, said he had expected profits to be closer to £50m given the increase in income from television rights and the sale of Yohan Cabaye to Paris St Germain for £19m.
Newcastle also reported revenues increase by 35 per cent from £95.9m to £129.7m. More than half Newcastle’s income – £78.3m – came from the new Premier League television rights deals, with commercial income also increasing.
Jensen said: “This has just provoked more questions that answers. There is £28.5million of costs there is no explanation the wages to turnover ratio is also not included.
“We had anticipated a profit of around £50m especially with Cabaye being sold.
“The way that most fans look at it is that Newcastle didn’t buy a single player in the whole season and sold Cabaye.
“Everyone knows how much these clubs are getting from TV so Newcastle fans would like to think more profit would mean more team strengthening but that has not been the case.
“There seems to be both a lack of transparency and ambition.”
Newcastle finished 10th last season and are currently 12th in the Premier League table.
A Newcastle statement said: “Most significantly, the club reported strong commercial revenue growth delivering £25.6m in 2014, up from £17.1m in 2013.
“This 49.7 per cent increase was largely the result of two lucrative new deals with the club’s principal sponsors, Wonga and Puma.”
Newcastle’s debt remained static at £129m in the form of an interest-free loan from owner Mike Ashley – none of the debt has been repaid.