Newport financial loss as Jenkins reliance revealed

Newport County made an operating loss of about £760,000 last season – with owner Huw Jenkins needing to inject more than £1m in loans into the struggling League Two club.

Former Swansea City chairman Jenkins completed a £500,000 takeover of the Exiles in January 2024.

His arrival coincided with an end to a string of financial losses described as "unsustainable".

But after posting a profit last year, the club's latest set of accounts have revealed the loan was needed to ease cash flow concerns.

The accounts state County remain "reliant upon the ongoing support" of Jenkins, who said in December he had provided a total of around £3m in loans to ease financial pressures.

In the accounts, Jenkins stated: "It goes without saying to help the club achieve stronger financial results the club must find ways to improve and maintain consistent performances throughout the season that in turn will help grow the commercial activities.

"With that combination Newport County can start to move forward from the recent year on year fight for survival that currently exists."

The new financial figures – that cover the period to June 2025 – do not disclose detailed breakdowns, but directors notes confirm the operating loss as well as a reduction of £400,000 in income.

For context, the club's turnover was recorded as £4.58m for the previous season – against a league average for 23/24 of £6.6m - which was boosted by an FA Cup run that included hosting a fourth-round tie with Manchester United.

The club say commercial revenue was also hit as a result, with the performances of a side that finished 22nd in the table also cited as a factor.

Notes in the accounts also point to the operating loss incorporating "an historical bad debt write off" as well as an increase in expenditure costs "to provide better facilities for both the academy and first team players and staff".

Newport do not own their own ground or training ground, with the lease to play at Dragons RFC-owned Rodney Parade around £1m a year.

The club say wages were increased to "above £2.5m", almost half the average for the division the previous season.

Newport are currently locked in a relegation fight with Christian Fuchs' side two points above the relegation zone, despite beating Shrewsbury Town over the weekend.

Jenkins had previously said he had hoped to secure new investment but issues over share-dilution and the threat of entering non-league were preventing a new cash-injection.

The accounts, signed by Jenkins, added: "Overall, there has to be continued focus to drive revenues up and increase our commercial and community engagement to promote the club all over the County, working closely with all potential partners can help build the off-field income to a level that can truly support the club's ambition moving forward.

"The medium and long-term future of the club can strengthen, when the club can operate with limited external funding that cover basic running costs of a League Two club and we see investment as a mechanism to provide motivation and growth moving forward."