The new true faith SUMMER SPECIAL is out now and the early response has been tf_112_coverexcellent, so a big thanks to all of you who have dropped us a line to tell us how much you are enjoying the issue.

One of the areas we have tried to shine a light on over the last year is how Newcastle United’s finances really do work.

It can’t be summed up with a snappy headline, it is all a bit complicated but we do think we have something to offer by way of analysis.

We have a selection of our regular writers who are professionals in finance and accountancy. They are also committed Newcastle United supporters who have offered their expertise to attempt to enlighten the rest of us what is going on at the club behind the scenes.

So then, this is what we have been covering.

EVERYBODY OUT – regular true faith writer, Chris Betts has had a look at the oft-made claim that if we all refused to renew our season tickets this would force Ashley out of the club. Chris has analysed the finances of United and how it is comprised to give us his theory on that claim.

ADVERTISING SPACE HERE – Another Chris, Chris Holt has examined the thorny issue of Mike Ashley’s companies having a free run at Newcastle United’s advertising. Its not just S****S D****T of course, other Ashley businesses are plastered all over our advertising space, but the primary beneficiary of that free coverage is SD. Chris has analysed what the company says itself about its own marketing and the value of what it is getting for zip from Newcastle United.

GETTING AWAY WITH IT – some of Ashley’s few remaining apologists like to claim without the man’s money United would have crashed and burned a long while ago. Some even continue to claim we have no debt. All of that is rubbish of course – we still have debt, we just owe it to Mike Ashley or rather MASH. In this excellent piece, another of true faith’s accountancy experts analyses the options available to Ashley in managing the debt, compares his strategy to other clubs with debt and comes to a conclusion about what all of this says about Mike Ashley’s intentions towards Newcastle United.

THE LOST MILLIONS – We’ve heard it said by several of Ashley’s people at United (Llambias, Charnley et al) that United can’t compete with “bigger” clubs because they have far greater commercial income streams than Newcastle United. That is unquestionably true. However, Graeme Pringle has analysed just how the commercial revenue streams into Newcastle United have fared over the seven years of Ashley’s ownership of the club and compared it to how other clubs in the PL have fared over the same period. This is a very informative piece of writing.

We are going to be the first to say that these pieces of writing won’t make you split your sides with laughter. That isn’t their intention. They aren’t easy reading and if you are as thick as me you’ll need to read and re-read them to make your own mind up. But they are written by experts and they do refer to real, hard evidence. These lads aren’t gobshites, they know what they are on about. You might not agree and you might have an alternative point of view which is fine but these pieces are essential reading for people who really do want to know more about how the club really operates. These pieces are for the fan who wants to know a lot more than slogans and shouting and bawling.

To get access to these pieces in the new true faith (and lots more besides) you should take out a subscription to true faith.

You can do that here. For £17.99 (annual) or £5.99 (quarterly) you will  get full access to the current true faith SUMMER SPECIAL, which is 169 pages of coverage (including the stuff above) as well as every copy of the fanzine we publish over the period of your sub.

You will also get immediate access to a an archive of 30 back copies of true faith and that is at absolutely no cost whatsoever.

Once you sign up you will have virtually instant access to the fanzine no matter where you are in the world. It is the same content at the same time and at the same price no matter whether you are in South Shields or Senegal.

You can sign up here. If you have any queries at all, please just drop us a line on editor@

There is a short promotional film for the latest issue of true faith (TF112), the SUMMER SPECIAL, just click here.