The Magpies posted an increase in profits for the year ending June 2013 and the boss is hopeful that owner Mike Ashley will allow him to use that money to keep his side on an upward curve, having been unable to make a single permanent signing during the recently ended tenure of Joe Kinnear as director of football.
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"We are the eighth-best team in the Premier League and we want to get higher than that so that's what we have got to try and do," he told the press on Thursday.
"We haven't got Qatar money - we haven't got that sort of finance. It is a slow build - keep getting better, keep getting stronger - and hopefully our fans realise that.
"We are going to need at least two or three signings who come straight into the team or have a very good chance of starting.
"I think we have to be a lot more active than we have been for a while because we are looking light in certain areas."