Newcastle United managing director Derek Llambias says the days of signing the likes of Alan Shearer are over for the club.

Llambias, who revealed that wages will account for around 65 per cent of turnover this season, seven per cent up on last season, confirmed that the days when the Magpies could sign players like Shearer and Michael Owen are over.

He said: "The days of Newcastle United acquiring 'trophy' signings who command huge salaries for past successes on the pitch are over.

"Yes, they have generated excitement and anticipation in the past, but ultimately many of them have left the club poorer and with little to show for it in terms of our standing in the league."

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