Newcastle managing director Derek Llambias has revealed the depth of the financial black hole into which the club was plunged by relegation.

The Magpies' revenue was halved from £100million to around £50million - the annual wage bill alone at the time amounted to in excess of £70million - as a result of the drop from the Barclays Premier League, forcing owner Mike Ashley to make swingeing and painful cuts.

Llambias told BBC Radio Newcastle: "Basically, from £100million revenue, we have dropped to £50million. A good chunk of that is TV money from the Premier League, so from the Premier League, it's £40million.

"We get a parachute payment of £12.5million and then in the Championship itself, you get £2.4million of income.

"There's a massive void there that needs to be covered. You get a drop in your season tickets, you get a drop in your attendance, retail, it all drops.

"That shortfall needs to be made up. Mike is picking the shortfall up now and it's very, very difficult. But we are getting through it."

James Milner, Shay Given and Charles N'Zogbia were already long gone before relegation, and they were followed out of the door by the likes of Obafemi Martins, Sebastien Bassong, Damien Duff, Habib Beye, as well as the out-of-contract Michael Owen and Mark Viduka.

However, Llambias has insisted the club was determined to retain the nucleus of a side which could win promotion from the Coca-Cola Championship at the first attempt.

He said: "We didn't fire-sell. At the time the Press were basically saying we would need to fire-sell: we didn't.

"We purposely kept a nucleus of the team that we felt could take us up, and it's working - and we will add to that.

"[Manager] Chris [Hughton] is adding to it and will continue adding to the squad."

Meanwhile, Llambias confirmed his announcement last night that St James' Park will be known as the sportsdirect@St James' Park Stadium as the club showcases the naming rights for the ground.

He said: "With the renaming, whatever brand it was, it was always going to be whatever brand it was St James' Park.

"So I can clear it up, for the remainder of this season, we already have sportsdirect.com on the Gallowgate, so we would like to take that branding through the rest of the stadium and on the outside where you see St James' now, we would like to have sportsdirect.com@St James' so it can showcase it to whoever is out there who wishes to buy the package."

Asked if the name "St James' Park" would always remain amid an angry response from fans, Llambias replied: "Absolutely. In our reign, absolutely.

"It's adding to it, and if it brings in a good chunk of money to the club, that goes straight to the team, then do you know what, it's a revenue we should look at."

The controversy over renaming the stadium is the latest to engulf the current regime, but Llambias is convinced people will not mind if the team is successful on the pitch.

He said: "Success, really, will heal the wounds, and time, a combination of both.

"We are patient people and I think the fans will come around eventually.

"I have no idea what length of time that will be - I may be a very old man before it's done - but I think the fans will see in the future that we do care."