Newcastle United Pleased with ‘boring’ Accounts says Llambias

Newcastle United Managing Director Derek Llambias has expressed his delight at the ‘boring’ financial figures released by the club yesterday.

The Toon reported £1.4m worth of profit and despite that being a big drop from the previous year (£32.6m), turnover increased to £93.3m and the club reportedly re-entered the top 20 richest teams in the world.

After years of drama on and off the pitch, which has seen relegation, expensive and ineffectual signings, plus the renaming of the iconic St James’ Park, Llambias is happy to report steady figures.

Llambias told the club’s website: “”I think accounts should be boring – and these are boring, thank you.

“We are very happy we have posted a profit this year and we are delighted we are staying within our model.

“We will continue to stay within our model to provide decent players on the pitch and also to give affordable ticket pricing to our fans. It’s working very well.”

The model that Llambias and owner Mike Ashley have gone for has allowed the club to strengthen the squad considerably in January and means that the team are back in the top 20 rich list, plus be on course to meet UEFA’s Financial Fair Play regulations.

“We definitely belong in the top 20,” Llambias said. “I think hopefully over the next two or three years, we’ll improve on that. That’s something for us to achieve.

“We’ve got better commercial deals. We’ve got two commercial deals which are the biggest the club’s ever made so they will reflect on our figures in ’13-’14, which will take us up the league.

“Also the new TV money will come in so you’ll see more and more Premier League clubs go into that top 20, for sure.

“As for the Fair Play regulations, we’re definitely okay with that side of it. But we would obviously like to improve our squad going forward – which we will do. There are still funds in the pot for a summer spend.”