DEREK Llambias is adamant Newcastle United need Mike Ashley if they are going to re-establish themselves among the European elite following the release of the club’s financial results this morning.

Ashley remains a deeply unpopular figure among many among rank and file support, despite investing almost £140m over the last four years to cover losses in the form of interest free loans.

The owner, who refuses to speak to the media, has suffered a number of public relations disasters since he bought the club in May 2007 and is still wary of attending games because of the abuse he receives on Tyneside.

But managing director Llambias has argued Newcastle would be in a terrible mess had Ashley not bought it and controlled the debt problem he inherited from the previous regime.

He said: “Mike Ashley’s money has kept this club buoyant. Quite honestly Newcastle United would not be here without him, it’s as simple as that.

“He has never taken a penny out of the football club, but he knows what he has to put in every year and he is keen to grow it. He knows where we want to be and where we should be in four or five years time.

“But we are a very tight unit here and a much better unit than we have been previously. At the end of the day Mike is a football fan, a Newcastle fan and he loves coming here.”

Despite recent speculation Newcastle are the target for a takeover from the Indian-based Reliance Group, the club have not received a creditable offer in the entire time Ashley has been at the helm.

Nobody associated with the Ashley regime can deny a serious bid would be considered if it is received, but there is no sign the current regime will be leaving in the short term.

Instead, with the £35m received from Andy Carroll waiting to be spent in the summer, and with the financial situation starting to improve at St James’ Park following the heavy blow of relegation to the Championship in 2009, Llambias believes Newcastle are heading in the right direction as long as they can keep themselves in the top flight between now and the end of May.

He explained: “We are starting to get the stability we need into the football club, both financially and within the

squad. That stability is one of our most important goals.

“That would give us the security that the club and the playing side needs. We need to get that stability back here, including on the managerial side.

Although the £35m for Carroll will not be spent solely on transfer fees, Ashley is still willing to bank roll transfers if the manager can argue that player will significantly improve the squad.

However, the sports shop retailer is determined to make the club self sufficient with forecasts suggesting it will break even for the first time since he arrived on Tyneside at the end of this season. And, with financial stability, Llambias believes the Magpies will eventually return to continental competition in a far better state than they left it. He said: “Our vision for the club is to finish 10th or above every year, year after year. That is our target, we want to be challenging for Europe every single year.”