Toon slump to 12million loss Newcastle United slid to a £12m loss last year after heavy investment in players and a fall in revenues due to its failure to qualify for Europe. The result is a reversal in financial fortune for the Premiership club which made a £620,000 profit the year before. Revenues fell by nearly £4m to £83m as an absence of European football reduced match day ticket sales. Expensive new signings such as England striker Michael Owen, bought from Real Madrid, also pushed up costs. OH DEAR
