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Sources: Newcastle United face multi-million payment after Mike Ashley twist
Newcastle United face having to pay out £6.25million after losing a High Court appeal, Football Insider can reveal.
The Magpies face paying the seven-figure fee to HM Revenue and Customs as the result of an investigation into the club that took place during Mike Ashley’s ownership.
Newcastle were raided and documents were seized in 2017 following an investigation into agent fees paid by the Tyneside club.
As per The Times, HMRC’s demands included £4.25million in national insurance contributions and £2million in VAT payments.
Newcastle lodged an appeal but it is understood that their attempts were unsuccessful when the High Court case came to a conclusion this week.
The investigation into agent fees began in 2014 and while the criminal investigation was halted – HMRC’s tax claims continued in the background.
Tottenham also find themselves under investigation for agent fees after the FA revealed that they are willing to re-open a case looking into Jermain Defoe’s transfer in 2008 following new evidence emerging from The Times.
As revealed by Football Insider last Friday (24 November), Tottenham now face a ‘real possibility’ of being handed a transfer ban if found guilty of breaching agent regulations.
The legal payout at Newcastle will likely affect the club’s Financial Fair Play limits after the payment was stated within their latest accounts.
The club’s accounts registered the payment as an accrual which ‘represents a best estimate at this time of the amount that may be payable’.
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