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Newcastle United are on course to break even for this financial year, according to managing director Derek Llambias.

The Magpies reported operating losses, before player trading, of £37.7m in 2008-09 and £35.5m in 2009-10.

"We are demonstrating our commitment to taking this club forward [to] a stronger position," said Llambias.

Newcastle's target of self-sufficiency does not include transfer fees such as the in January 2011.

In a mission statement published in the matchday programme for the , Llambias said the club are aiming "towards being able to operate within the boundaries of Uefa's financial fair play rules".

Newcastle owner Mike Ashley appears to have ridden out something of a storm after selling popular players Carroll, Kevin Nolan and Jose Enrique during the summer, while also allowing Joey Barton to join Queens Park Rangers on a free transfer.

Llambias insisted Ashley remains ambitious and has set manager Alan Pardew and his players a target of securing a top-10 finish.

He said: "Everyone associated with Newcastle United wants success for this club and we can assure supporters that the board is fully committed to achieving that success.

"To make our ambitions clear to supporters and stakeholders, our aim for the 2011-12 season is at least a top-10 finish.

"Our supporters are the lifeblood of the club and the board understands that it has been charged with ensuring their club is properly run and continues its growth both on and off the field over the next year and beyond."

Llambias expects accounts for the 2010-11 period to show a loss of £4.7m.