Newcastle United accounts unveil Mike Ashley's interest-free loans and hospitality expenses

The Magpies latest accounts have been published

Newcastle United's accounts for 2019 reveal that Mike Ashley pumped in another interest-free loan after the club's second year following promotion.

The latest financial figures show that Ashley is "owed" £111million with the amount dropping down from £144million in the previous year.

Fans will argue that any debt should be absorbed by Ashley and not the club but the accounts read: "Mr MJW Ashley and companies under his control continued to provide loan facilities to the group during the year.

"The total balance outstanding at 30 June 2019 was £111million (2018, £144million).

"The maximum amount outstanding during the year was £144million (2018, £154million).

"No interest was payable on for either the current or prior year."

Ashley also provided matchday hospitality of £109,000 to members of his family over the year according to the new accounts.

They also reveal that United spent more than £1million on sports goods from Frasers Group (formerly Sports Direct).

The figures show that more than £1.1million was spent on stadium advertising from Frasers Group.

United's latest accounts also show that managing director Lee Charnley's salary dropped from £300,000 to £267,000 in the last 12 months.

The headline from the accounts this year was that United made a £34.7million profit for figures ending June 2019.

This shows a significant increase from 12 months earlier when 2018's accounts revealed an £18.6million profit.