Newcastle managing director Derek Llambias has revealed the club is on course to break even during the current financial year.
In a mission statement published in the matchday programme for Sunday's Barclays Premier League clash with Tottenham, Llambias confirmed the Magpies are well on their way to achieving their aim of self-sufficiency.
He said: "In 2008-9, we reported an operating loss before player trading of £37.7million. In 2009-10, that loss was £35.5million. Once audited, our accounts for 2010-11 are expected to show an operating loss of just £4.7million and this year, we hope we will be close to breaking even."
He added: "We are pleased that the club is working towards being able to operate within the boundaries of UEFA's financial fair play rules even during these challenging economic times."
Mike Ashley's regime at St James' Park appears to have ridden out something of a storm with the club sitting in fourth place in the league table before kick-off despite having failed to replace £35million striker Andy Carroll and selling influential men Kevin Nolan, Jose Enrique and Joey Barton during the summer.
However, Llambias insists Ashley remains ambitious and has set manager Alan Pardew and his players the task of securing a top-10 finish this time around.
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 in the Barclays Premier League. We are fully aware that Newcastle United holds a unique place in the lives of Geordies around the world.
"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.
"In declaring our aims for this season, we are demonstrating our commitment to taking this club forward from what is now becoming a stronger and more healthy position."