Newcastle news

Toon model is working, says Llambias

March 28, 2013
By ESPN staff

Newcastle United managing director Derek Llambias said the Magpies were glad their accounts made "boring" reading after posting a profit for the second successive year.

Derek Llambias
GettyImagesDerek Llambias (right) is happy with the 'boring' accounts

On Wednesday, Newcastle announced that they had posted a profit of £1.4 million and increased turnover by 5.4% to £93.3 million.

And Llambias said that showed the Newcastle model was working, telling the club's official website: "I think accounts should be boring - and these are boring.

"We're very happy we've posted a profit this year, and we're delighted we're staying within our model. We will continue to stay within our model to provide decent players on the pitch and also to give affordable ticket pricing to our fans. It's working very well."

He said the club would be "giving it 100%" in their attempt to win the Europa League and were targeting the highest possible Premier League finish after recovering from a poor first half of the season.

And he promised: "Going forward, we will expand our squad and, year on year, we hope to be in a position of strength."

Last year's profit of £32.6 million was largely due to the sale of striker Andy Carroll to Liverpool for £35 million.

Llambias said the Carroll money had been reinvested, explaining: "It's been well and truly put back into the club. Whatever you say about that deal, it kick-started us into a different sphere."