The Argentina international left the Primera Liga side for the North East on Wednesday after buying out the remaining two years of his contract in Spain.

With that effectively making him a free agent, cash-strapped Mallorca are threatening to report the issue to Fifa in an attempt to secure a financial package they deem suitable for a player of international pedigree.

The Spanish club's president Vicente Grande claims that they will be left on the brink of administration if the deal is allowed to stand and has urged world football's governing body to intervene.

"Because of our financial crisis, this could really damage us. In fact, it has come at the worst possible time," said Grande.

"We cannot understand the attitude of the player who has done this to force a move to England.

"This matter is not closed because the club has decided to go to FIFA to reclaim our right. The minimum we want to recuperate is the £8million Portsmouth offered us in the winter."

Despite the president's calls for action, Gutierrez is adamant that he has done nothing wrong and is looking forward to beginning a new chapter in his career.

He said: "My conscience is clear and I am not worried by the actions of Real Mallorca. I just want to play for Newcastle in the Premier League."