Newcastle United have confirmed manager Chris Hughton will take them into the Premiership next season - and with no money available for the summer market.

In a lengthy statement issued on behalf of the club's board, the Magpies outlined their financial status and the news was not good.

The club said: "It is clear to the board that no organisation can be successful, until the financial position is stabilised.

"The board have therefore structured a five-year plan in which the ultimate goal will be to ensure that the club is run at a 'break even' manner by the year 2015-2016.

"The first-team squad that won the Championship this year will form the basis of the team for next season in the Premier League.

"There is no plan for new capital outlay on players."