Newcastle United Managing Director Optimistic Club will Breakeven
October 17, 2011
Managing director Derek Llambias believes Newcastle United is on course to break even for the financial year after their impressive start to the season.
The Magpies, who are one of three teams to remain unbeaten in the Premier League and currently in a Champions League qualification spot, reported operating losses, before player trading, of £37.7m ($59.5m) in 2008/09 and £35.5m ($56m) in 2009/10.
Newcastle’s target does not include transfer fees, including the sale of Andy Carroll to Liverpool in January for a record £35m ($55.2m).
Llambias said in the matchday programme for the weekend game with Spurs that the club is aiming towards being able to operate within the boundaries of Uefa’s financial fair play rules.
‘We are demonstrating our commitment to taking this club forward [to] a stronger position,’ commented Llambias.
Llambias added that he expected accounts for the 2010/11 period to show a loss of £4.7m ($7.4m).