Newcastle United on course to achieve aim of breaking even
Newcastle United are on course to break even for this financial year, according to managing director Derek Llambias.
The Magpies reported operating losses, before player trading, of £37.7m in 2008-09 and £35.5m in 2009-10.
"We are demonstrating our commitment to taking this club forward [to] a stronger position," said Llambias.
“Newcastle have come up with a straightforward solution which has kept their players switched on and helped earn them the title of the Premier League's meanest defence heading into this weekend's fixtures”
Newcastle's target of self-sufficiency does not include transfer fees such as the £35m received from the sale of Andy Carroll to Liverpool in January 2011.
In a mission statement published in the matchday programme for the Premier League game against Tottenham , Llambias said the club are aiming "towards being able to operate within the boundaries of Uefa's financial fair play rules".
Newcastle owner Mike Ashley appears to have ridden out something of a storm after selling popular players Carroll, Kevin Nolan and Jose Enrique during the summer, while also allowing Joey Barton to join Queens Park Rangers on a free transfer.
Llambias insisted Ashley remains ambitious and has set manager Alan Pardew and his players a target of securing a top-10 finish.
He said: "Everyone associated with Newcastle United wants success for this club and we can assure supporters that the board is fully committed to achieving that success.
Players in: Yohan Cabaye (Lille, £4.3m*), Demba Ba (West Ham, free), Sylvain Marveaux (Rennes, free), Mehdi Abeid (Lens, undisclosed), Gabriel Obertan (Manchester United, undisclosed), Davide Santon (Inter Milan, undisclosed), Rob Elliot (Charlton, undisclosed).
Players out: Sol Campbell, Shefki Kuqi (both released), Kevin Nolan (West Ham, £4m*), Kazenga LuaLua (Brighton, loan), Wayne Routledge (Swansea, undisclosed), Jose Enrique (Liverpool, £6m*), Joey Barton (QPR, free).
* Transfer fee officially undisclosed
"To make our ambitions clear to supporters and stakeholders, our aim for the 2011-12 season is at least a top-10 finish.
"Our supporters are the lifeblood of the club and the board understands that it has been charged with ensuring their club is properly run and continues its growth both on and off the field over the next year and beyond."
Llambias expects accounts for the 2010-11 period to show a loss of £4.7m.