Premier League - Newcastle sign Lovenkrands

Eurosport - Fri, 23 Jan 16:45:00 2009

Newcastle have signed former Rangers forward Peter Lovenkrands until the end of the season.

Peter Lovenkrands - 0

The 28-year-old Denmark international, who left German club Schalke earlier this month after his contract was terminated by mutual consent, has been snapped up after a successful two-week trial on Tyneside.

The winger said: "I'm delighted to sign a deal until the end of the season."

On Thursday night, figures for the period to June 30, 2008 were released showing the club to be in serious financial trouble.

The Magpies had to pay out £4.6 million to Sam Allardyce and his staff after dispensing with his services last January.

In addition, the results confirm Ashley's claim he has poured £100m into the club since completing his £134.4m takeover, and reveal he has injected a further £10m into the business since the end of the reporting period.

Newcastle United Football Company Limited, part of the St James Holdings Limited group set up by Ashley to acquire the club, reported increased turnover of £98.8m, up from £87.1m the previous year, mainly as a result of the new television deal for Premier League clubs.

Wages and salaries amounted to £62.3m, up from £52.1m, and although the ratio between wages and turnover fell, it still amounted to more than 70per cent.

The figures also show the club received compensation of £6.7m for the knee injury striker Michael Owen suffered at the 2006 World Cup finals and his subsequent treatment and rehabilitation.

Overall, the club reported a loss of £20m for the year compared to £31.4m in 2007.

Ashley has also agreed to continue to finance the club after taking it off the market late last year following an unsuccessful bid to sell it.

A note to the report reads: "This funding, together with newly-agreed bank facilities, has been incorporated into the directors' cash flow forecast for the group.

"These forecasts indicate that the group can continue to meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements.

"The directors have also received a commitment from its parent undertaking, St James Holdings Ltd, and from the ultimate controlling party, Mr MJW Ashley, that they will continue to provide the group with financial support so that it can meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements or up until the date of any changing control.

"On this basis, the directors have prepared the financial statements on a going-concern basis."

The latest figures do not include the club's acquisition of Jonas Gutierrez, Danny Guthrie, Fabricio Coloccini, Sebastien Bassong and Xisco, nor the sales of James Milner and Abdoulaye Faye, while the club are still involved in a legal battle with Allardyce's successor, Kevin Keegan, following his departure in September.

Sporting Life / Eurosport

Comment 13 - 32 of 32

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  1. he aint gonna change there rubbish form.

    From Nath, on Sat 24 Jan 6:18PM

  2. Finally A new signing but i wonder where's he gonna play.let me guess near beanch.

    From The Magpies, on Sat 24 Jan 5:16PM

  3. Hey Sapper, I think everyone has a right to knock NUFC (as a Toon fan I'm used to it) at the moment due to the structure of the club but DIVEN'T and I mean DIVEN'T knock the city of Newcastle. It has a lot going for it. It isn't all flat caps and whippets. Where are you from like? Laaandon doing the Lambeth Walk I presume. Noo hadaway and @#$%.

    From neil, on Sat 24 Jan 1:59PM

  4. sapper you muppet take a look at the tourist guide will you then get back to me

    From footy mad, on Sat 24 Jan 6:15AM

  5. For such a large following and all the millions flowing all over the place, Newcastle United are a below average club. How can they afford to pay the likes of Owen so much? Owen has spent a good part of his time there keeping the bench warm than on the pitch. The point is, the expensive players signing for the club are only interested in the money aspect of things and not in Newcastle as a club, or as a city. I mean, what attraction is there in the North East of Britain apart from the high wages at this ridiculous outfit?

    From sappercommando25, on Sat 24 Jan 12:46AM

  6. this is going to be great because in this months transfer window, i have thought to myself 'are newcastle going to sign someone' and with me been a newcastle support through n through, he could be a great signing

    From richardevans500, on Fri 23 Jan 8:47PM

  7. Sorry jack, just not up to it tonight. I'll be back to my obnoxious best tomorrow i promise!

    From Tony K, on Fri 23 Jan 7:43PM

  8. torrance stick to what you know,the ryder cup

    From docherty686, on Fri 23 Jan 7:08PM

  9. Tony shame on you,this defeatest attitude doesn't become you.None of the NE teams will go down this season, there's at least 3 worse teams than all of us in that league.

    From jack torrance, on Fri 23 Jan 6:58PM

  10. This is becoming shameful. Even battling with torrance is becoming difficult, you know toon are in the @#$% when battling with a mackem becomes hard, at least we'll finish above them in the championship next year though....

    From Tony K, on Fri 23 Jan 6:01PM

  11. I had no interest in watching the games at present....I found a hot place, you guys should try it ___Wealthy beauty co m_____a great place for rich people to meet their soul mates....

    From zjmdj002, on Fri 23 Jan 4:14PM

  12. If shay goes then the board will go or the fans will go enough is enough

    From joy s, on Fri 23 Jan 3:51PM

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    From , on Fri 23 Jan 2:14PM

  14. This is a very sad day for all Newcastle united supporters in my opinion, It goes to show how high our ambitions are when we covert a player without a contract and who made litte impact in the SPL, Will the last man out turn off the light.....

    From mark oxley, on Fri 23 Jan 2:06PM

  15. I WATCHED LOVENKRANDS OVER 5 SEASONS AND HE WAS VERY POOR ON THE WING ,HOWEVER THIS WAS CLEARLY NEVER HIS NATURAL POSITION .ONCE RESTORED TO A MORE CENTRAL ROLE THE '' DANISH ARISTOCRACY '' WAS PRETTY GOOD.6 CHAMP LEAGUE GOALS 18 LEAGUE GOALS 4 CUPS GOALS ,THE SEASON HE LEFT FOR SHALKE.I THINK HE'S MORE SUITED TO THE BRITISH GAME AND HE COULD DO WELL IF HE IS PLAYED THRU THE MIDDLE AT NEWCASTLE.GOOD LUCK PETER !

    From nice_mr_mofo_bastard, on Fri 23 Jan 1:34PM

  16. I hate to say it but I think a run in the Championship might do a world of good to Newcastle, allowing them to concentrate on getting their priorities right, getting rid of excess baggage and selecting players who do the job they are hired to do. Once sorted, they should have no problem in returning to the Premiership.

    From Monty, on Fri 23 Jan 1:29PM

  17. POINT 6 YOUR HAVING A LAUGH WINGER HE IS A S.HITE BAG ON THE WING CANT HANDLE PHYSICAL SIDE OF FOOTBALL ONE KICK AND HE LOSES INTEREST JUST WHAT NEWCASTLE NEED EH

    From JAMESM WATP, on Fri 23 Jan 1:18PM

  18. POINT 6 YOUR HAVING A LAUGH WINGER HE IS A S.HITE BAG ON THE WING CANT HANDLE PHYSICAL SIDE OF FOOTBALL ONE KICK AND HE LOSES INTEREST JUST WHAT NEWCASTLE NEED EH

    From JAMESM WATP, on Fri 23 Jan 1:14PM

  19. i bet hes poo anyway coz he wont score

    From LISA W, on Fri 23 Jan 1:14PM

  20. lovenkrands will be very quickly found to be out of his depth in the premier league . he started well for rangers until martin o neill decided to man mark him with agathe and he was never seen in scotland again .
    also you have to ask yourself why would a club just release a player from his contract ?
    unless he is rubbish

    From simonk, on Fri 23 Jan 12:58PM
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