Newcastle bosses net bonuses

FOUR Newcastle United directors have received bonuses totalling more than £400,000 despite the company making an £8.9m loss in the year to 31 July, when Newcastle finished 11th in the Premier League and its share price halved to 35p.

The owner of the eponymous football club also gave a £160,000 golden goodbye to former chief executive David Stonehouse, whose sudden departure in June after just 14 months in the post has never been explained.

News of the payments comes two months after the group infuriated shareholders and supporters by paying £4.5m in dividends despite the loss. Club chairman Freddy Shepherd and director Douglas Hall received dividends of £360,000 and £2.12m respectively.

Newcastle's annual report reveals that executive director Russell Jones' total salary soared from £82,500 in 2000 to £238,788. This included a £150,000 bonus, £75,000 of which was a reward for completion of the St James' redevelopment.

Shepherd also collected a £150,000 bonus, taking his total package from £75,000 to £232,868 while Stonehouse's remuneration before the goodbye payment was £206,586, up from £91,884.

Hall reaped a £75,000 bonus despite being a non-executive director, lifting his pay from £35,000 to £110,000.