Mike Ashley's Newcastle United is getting it right on and off the field as the club is achieving its goal to sort out the finances to move towards break-even after reporting an operating loss of £3.9million.
The club lost £33.5million in 2009-10 and £37.7million in 2008-9.
Player wages represented about 60% of a turnover compared to about 82% in 2008-09, the season they club was relegated from the Barclays Premier League.
Managing director Derek Llambias commenting on the results
"The club's financial results for the year end June 2011 are extremely strong. We can now count ourselves amongst very few clubs across the UK and Europe who are operating at close to break-even.
"What is particularly pleasing is that we have achieved this whilst also ensuring we have a strong squad sitting firmly in the top third of the table and currently pushing for a European place.