Newcastle United could still have to sell players to their rivals, their chief executive has warned, after they posted a £73m loss for the 2022-23 season.
They finished fourth last season and qualified for the Champions League.
However, Darren Eales said "there is a long way to go" for the club to match the revenue of the biggest sides.
"To put it into perspective, we want to be a top-six sustainable club and Tottenham's latest accounts available [showed the total revenue] was £440m. We are at £250m, so there is a big step even to the lower end of the top six," he added.