Newcastle post stunning financial results

Ashley's Newcastle continue to make money
Ashley's Newcastle continue to make money

Newcastle United have announced record profits of £18.7m for last season, as the tight financial ship run by Mike Ashley continues to post strong financial results.

The club also saw revenues increase by 35 per cent from £95.9m to £129.7m, which is due in part increases in television income and new deals with sponsors.

More than half Newcastle's income - £78.3m - came from the new Premier League television rights deals, with commercial income also increasing.

A Newcastle statement said: "Most significantly, the club reported strong commercial revenue growth delivering £25.6m in 2014, up from £17.1m in 2013.

"This 49.7 per cent increase was largely the result of two lucrative new deals with the club's principal sponsors, Wonga and Puma."

Owner Ashley remains a hugely unpopular figure among Newcastle fans who accuse him of putting profit before the club's ambition, with these latest figures confirming his policy of spending within the club's means is reaping rewards off the pitch.

Newcastle's healthy financial position also makes them a hugely attractive prospect for any potential buyer to snap up if Ashley decides to walk away from the Premier League club any time soon.