WHEELING and dealing: Newcastle release their recent financial results, including the sale of St James' Park, while announcing a new commercial partnership.
It's full steam ahead on Tyneside, financially speaking, that is. On March 31, Newcastle United unveiled its accounts for the year to June 30, 2025, reporting record revenue of £335.3m, up £15m on the previous season, and a post‑tax profit of £34.7m despite having no European football during that period.
On paper, everything sounds rosy, although when you dig into the numbers, the accounts quietly underpin the complications and wildly nonsensical rulings of modern football finance.
The headline profit in the financial results was boosted by a sizeable one‑off gain from what the club describes as a "reorganisation" of its property holdings.
Newcastle has announced that Kieran Trippier will depart at the end of the season (Image: Richard Sellers/PA Wire)
In simple terms, the leasehold improvements at St James' Park, essentially the stadium and adjacent long‑leasehold land, were sold to PZ Newco Holdings Limited, another company within the PIF ownership group, creating an accounting profit of a little over £130m.
Strip that out and the underlying business lost close to £100m as wages and other costs climbed faster than income.
Newcastle's chief financial officer, Simon Capper, told reporters in a press briefing on the club's recent accounts: "The motivation was very much to reorganise our property assets and get them into the correct legal boxes to allow us to go forward with our potential development, either at St James' Park or for a new stadium, and to facilitate that with financing and other similar items.
"There may be more similar transactions to come in the future, depending on what we end up doing, but the profit calculation that had to be done is then a consequence of the detail of the accounting rules that the Premier League require us to follow in doing any transaction with a company that is associated with us. So it does create a very significant accounting profit because of that."
Football finance analyst Kieran Maguire has argued on Twitter that the transaction is "perfectly legal" under the Premier League's rules.
He believes, however, that the timing and size of the stadium sale effectively kept Newcastle on the right side of PSR last season.
Newcastle United publish 24/25 accounts, when Club won Carabao Cup. 🔑figures
⚽️Total revenue £335m (record) ⬆️5%
⚽️ Commercial revenue £123m (record, adidas deal etc) ⬆️42%
⚽️ Broadcast revenue £161m ⬇️12% (no CL)
⚽️ Wages £243m ⬆️11%
⚽️Average weekly wage £103k
⚽️ Wages/revenue… pic.twitter.com/LqGrPXPmVL
— Kieran Maguire (@KieranMaguire) March 31, 2026
Within days of releasing their accounts, the club announced a new training centre and training wear partnership with KNOX Hydration, a South African sports drinks brand.
In a historic, first-of-its-kind partnership, from July 1 2026, the club's Training Centre at Darsley Park will be officially renamed The KNOX, with club officials stating it represents a "significant step forward" in Newcastle United's commercial strategy.
Newcastle United's chief executive officer, David Hopkinson, said: "We are thrilled to welcome KNOX Hydration as a world-class partner.
"They share our relentless ambition to disrupt the status quo and reach the pinnacle of our respective industries. This isn't just a branding exercise; it's a performance-led partnership that will also support our community.
"As we integrate KNOX Hydration products into our daily environment at 'The KNOX,' we are giving our players the best possible tools to succeed, while driving the commercial growth necessary to compete at the very top.
"This is an exciting partnership for everybody at Newcastle United and KNOX, and we cannot wait to get started."
The club added that the deal aligns with the timing of a new multi-million-pound extension to its training facilities, reportedly increasing the building footprint by over 50%.
Both the St James' Park deal and the KNOX Hydration deal underline the club's ambition. They are now moving at a faster pace to facilitate deals, aligning with stringent and widely criticised PSR rulings while pushing the club forward.
Other Premier League clubs have been creative with their own dealings; why shouldn't Newcastle join the party?