Newcastle United say the club is in a "healthy financial position" after making a profit of £18.6 million pounds in the year ending June 2018.
Accounts for the Magpies published on Thursday reveal that profit came after the club made a loss of more than £41 million pounds following relegation to the Championship in 2017.
A tenth-placed finish in our first season back in the Premier League was a fantastic achievement and I would like to thank everyone connected to the club – staff, players and fans – for their collective efforts.
The significant increase in revenue, together with prudent financial management, resulted in the club showing a profit and that is reassuring, given the substantial loss in the previous year.
There is much more work to be done but these positive financial results give the club a strong platform on which to build. We all want to see the club improve and be competitive at every level, and in every competition. We are convinced that the best route to achieving this is to do so sustainably, spending on young development players and adding high quality to the first team squad each season – players that can really make a difference and improve the team - without risking the financial health and stability of the club.
We strongly believe that consistently doing the above, and robustly following this policy, will give us the best possible chance of achieving our shared ambitions.”
In a statement, the club says owner Mike Ashley has been repaid £33 million pounds from a loan to the club a decade ago. Mr Ashley is still owed £111 million pounds - but that amount will only be repaid if Newcastle United is sold.
This Evening and Tonight:
Staying fine through this evening with some hazy sunshine.
Remaining dry overnight, with a few patches of mist, fog and low cloud forming.
Becoming chilly with a touch of grass frost possible in some rural areas by dawn. Minimum temperature 3 °C.
Any mist and low cloud soon clearing, leaving a dry and bright day with sunny periods.
Feeling a little warmer than on Thursday inland, although still rather cool near coasts. Maximum temperature 20 °C.
Outlook for Saturday to Monday:
Dry and bright throughout the weekend and on Easter Monday with sunny periods at times.
Increasingly warm or very warm, although some coasts remaining cooler, while locally chilly inland overnight.
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Police are appealing for information after a man sadly died following a collision on Trunk Road yesterday on Friday 12th April.
The incident happened at around 6:05 pm on the Trunk Road in Middlesbrough (near Cleveland Retail Park), when a motorbike collided with a lamppost.
The 48-year-old male motorcycle rider sadly suffered serious injuries and was pronounced dead at the scene.
Officers would like to appeal for anyone who may have dash cam footage of the motorbike prior to the collision to please come forward.
Anyone with information is asked to contact PC Martin Tranmer from the Cleveland and Durham Specialist Operations Unit on the non-emergency number 101, quoting event number 061013.
Tributes have been paid to former England, Newcastle United and Sunderland footballer Ivor Broadis, who has died.
He was 96-years-old.
Born in 1922, the forward played for Sunderland AFC between 1949 and 1951, before turning out for Newcastle United between 1953 and 1955.
Both clubs have paid tribute to their former player.
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After playing, Broadis took up a career as a football journalist which lasted for 45 years.
A major programme of track replacement work on the Tyne and Wear Metro in Gateshead is underway, which will mean some disruption to services over the next three weekends.
The work will see 1.6 kilometres of line replaced between Gateshead Stadium and Felling as part of the £350m Metro: all change modernisation programme.
Metro services south of the Tyne will be affected over three weekends and frequent replacement buses will be provided, as follows:
- April 13-14: No trains Monument to Hebburn/Brockley Whins
- April 19-22 (Easter weekend): No trains Gateshead Stadium to Hebburn/Brockley Whins
- May 4-6 (Bank Holiday weekend): No trains Monument to Hebburn/Brockley Whins
Replacement bus services, number 900 and 901, will be calling at or close to all Metro stations in the affected areas when the lines are closed.
Customers are advised to allow extra time if travelling through the affected areas.
Track replacement is absolutely vital for us to secure Metro's long term future and the next major piece of work will be in the Gateshead area over the coming weeks.
Unfortunately this type of work can only be done by closing the line. We know that some customers will be inconvenienced by this and we apologise for it. We only close the line when absolutely necessary, and we always make closures as short as we possibly can. We also try to schedule the work for less busy periods.
Frequent replacement bus services will be running in the affected areas and the message to customers is to plan ahead and make sure they allow themselves enough time to make their journeys."
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