Premier League club Newcastle has announced a £4.5million profit for the year ending 31 July before taxation and interest.
But the club revealed an operating loss of £9million, compared to a profit of £8.3million the previous year.
Chairman Freddy Shepherd said this was partly down to the signing of big-name players such as Michael Owen, Albert Luque, Scott Parker and Emre in the summer.
In the last financial year, turnover dipped from £90.2million to £87million, which was attributed to a drop in television revenue.
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