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Newcastle profits hit by failure to make it to Champions League
Newcastle United football club has reported a slight fall in group turnover for the year to 31 July 2004 as a result of the team’s failure to qualify for the group stage of the UEFA Champions League last year.
Turnover for the period was down to £90.2m from £96.4m the year before, when the club reached the second group stage of the Champions League.
Group operating profit stood at £20.4m down from £27.6m and total operating profit was down to £8.3m from £11.6m.
The club did however succeed in cutting wage and salary costs by 1 per cent, to £44.9m from £45.2m in 2003.
For the coming year the club has agreed a £20-25m contract with Adidas and plans to open a new bar and shop at its St James’ Park stadium in December and February respectively.
“Newcastle United is a strong business with good prospects, backed by the most loyal fan base any football club could wish for,” said chair, Freddy Shepherd.
“We continue to develop the playing squad and firmly believe we have achieved a strong base from which we can build for the future and continue to challenge for the very top of the FA premier League and on the European football stage.
“On the business front our existing operation is solid. New projects look attractive and will provide a substantial source of new revenue in future years.”
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