| Newcastle managing director Derek Llambias says Newcastle Utd are in a "financial black hole" after relegation. |
Despite raising millions on the sale of James Milner, Shay Given, Charles N'Zogbia, Obafemi Martins, Sebastien Bassong, Damien Duff and Habib Beye, Newcastle saved when out-of-contract Michael Owen and Mark Viduka moved on - and the wages for those two alone saved £170,000 per week!
Derek Llambias: "Basically, from £100million revenue, we have dropped to £50million. A good chunk of that is TV money from the Premier League, so from the Premier League, it's £40million.
"We get a parachute payment of £12.5million and then in the Championship itself, you get £2.4million of income.
"There's a massive void there that needs to be covered. You get a drop in your season tickets, you get a drop in your attendance, retail, it all drops.
"That shortfall needs to be made up. Mike is picking the shortfall up now and it's very, very difficult. But we are getting through it."
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