Unbeaten in the Premier League, have Newcastle United found a formula that combines frugality and success? They would like to think so. In the match programme for yesterday’s game against Spurs, managing director Derek Llambias unveiled a ‘Mission Statement’ from owner Mike Ashley, detailing Newcastle’s aim to become a self-financing business.
Unbeaten in the Premier League, have Newcastle United found a formula that combines frugality and success? They would like to think so. In the match programme for yesterday’s game against Spurs, managing director Derek Llambias unveiled a ‘Mission Statement’ from owner Mike Ashley, detailing Newcastle’s aim to become a self-financing business.
He said, ‘There are certain perceived “big” clubs that have no financial constraints whatsoever. But for us as a club, rash, short-term spending is not the answer and the days of Newcastle United acquiring “trophy” signings who command huge salaries for past successes on the pitch are over.’ He emphasised that the club was aiming ‘towards being able to operate within the boundaries of Uefa’s financial fair play rules.’
The Magpies are on course to break even this financial year. They reported operating losses before player trading of £37.7m in 2009-9 and £35.5m in 2009-10. Newcastle’s target of self-sufficiency does not include transfer fees such as the £35m received from the sale of Andy Carroll to Liverpool.
Manager Alan Pardew was quick to caution that in a 38-game season Newcastle could not expect to finish in their current fourth position. But their target of a top ten finish seems achievable.