Mike Ashley's windfall detailed along with Newcastle United's 'No.1 objective'

The Tyneside skyline which will be changed by the Strawberry Place development.

Ashley controls his Frasers Group retail empire – and Newcastle United – through MASH, and the club’s finances for 2018/19 are detailed in the accounts, which also lay out the uncertainties facing his businesses due to the coronavirus pandemic.

The accounts reveal that the club generated 4.5% of the group’s revenues – and brought in 20% of MASH’s profits. United’s turnover for the period up to April 28 last year was £181.5million, up from £150.9million.

Premier League membership remains the club’s “No.1 objective” for United, which has suffered two relegations under Ashley’s ownership.

The accounts read: "Being a member of the Premier League is key to all aspects of the club's operations, and remains the No.1 objective of the group. This objective does not change as a result of Covid-19."

Investment is the club’s medical facilities is also mentioned. The group, according to the accounts, have “invested substantial sums in sports medicine and science facilities” in an attempt to reduce the number of injuries suffered by the squad.

There’s also a line on the land next to St James’s Park, once owned by Newcastle, which was sold to developers last December.

It read: “The land adjacent to St James’ Metro station was sold for £9million.”

A controversial £120million development, which will change the city’s skyline and limit the scope for future stadium expansion, had been approved a month earlier by planners at Newcastle City Council amid a large number of objections from supporters.