Newcastle United have announced they have made a profit of £4.6m for the year ending June 2016.
However, the profit after tax decreased from £32.5m to £4.6m compared with the previous year but it is the sixth consecutive year a profit has been recorded.
Turnover fell by 3%, with the most significant drop being £4.5m in media revenue, down from £77.2m to £72.7m. Newcastle also had four fewer matches screened live.
Newcastle's Managing Director, Lee Charnley, said:"The 2015/16 season was extremely disappointing for everyone connected with the club. Significant sums of money were spent to strengthen the playing squad in the summer 2015 and January 2016 windows, which also resulted in an increase in our annual wage bill. In the context of this spend, relegation was both unacceptable and totally unexpected."
He added “The financial impact of relegation is difficult to overstate and this will become evident in our next set of financial results for the year ending June 2017."