Newcastle United owner Mike Ashley is making headway in his bid to slash their debts.
The latest accounts, due to be released on Thursday, will reveal that in the last financial year - which took in the Championship season of 2009/10 - the Toon cut players' salaries by £21million, says the People.
In 2009, the Magpies' wage bill rose to £71m, which was 80 per cent of the club's turnover. But owner Ashley made huge savings, with the departure of £5m-a-year Michael Owen the biggest factor.
Other big earners, such as Mark Viduka, Obafemi Martins, Sebastien Bassong, Habib Beye, Shay Given, Damien Duff, Nicky Butt and the £65,000-a-week Geremi also left St James' Park.
However, despite making these cuts and romping away with the Championship title, Newcastle are still expected to report a loss because gates and revenue fell.
