By Daniel Hunter
Newcastle United Football Club have announced a loss of £3.9 million for the year ending June 2011.
Despite having made a loss it is a huge improvement from the previous year, where the club reported losses of £33.5 million.
The good news for the club is that they are very close to breaking even, and with the Uefa financial rules coming in to play soon the club will welcome that.
Promotion to the Premier League created a 69% rise in turnover during season 2010/11, from £53.4m to £88.4m.
"The club's financial results for the year end June 2011 are extremely strong," Club managing director Derek Llambias said.
"We can now count ourselves amongst very few clubs across the UK and Europe who are operating at close to break-even."
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