Newcastle United owner Mike Ashley has reported a loss of £20million for 2008.

However, it is an improvement from 2007 when the club lost £31.4million.

Despite the mounting losses, Ashley will continue to fund the company.

"This funding, together with newly-agreed bank facilities, has been incorporated into the directors' cash flow forecast for the group," he said.

"These forecasts indicate that the group can continue to meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements.

"The directors have also received a commitment from its parent undertaking, St James Holdings Ltd, and from the ultimate controlling party, Mr MJW Ashley, that they will continue to provide the group with financial support so that it can meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements or up until the date of any changing control.

"On this basis, the directors have prepared the financial statements on a going-concern basis."