LONDON, Oct. 28(Xinhuanet)-- Newcastle have announced a nine million-pound loss after failing to qualify for the Champions League in successive seasons.

The club made a profit of 8.3 million pounds in the previous year but struggled after a series of big-name signings this year.

Chairman Freddy Shepherd said:"The Premier League was disappointing and below the level we demand.

"And the board of directors has worked very hard to complete the signings of some exceptional players, which has been a period of major investment."

The Magpies signed Michael Owen, Albert Luque, Scott Parker and Emre in the summer.

In the last financial year, turnover dipped from 90.2 million to 87 million, which was attributed to a reduction in television revenue. Enditem