Derek Llambias says stability is the reason behind Alan Pardew's eight-year contract and is proud Newcastle are doing "something different".
Despite having four years left to run on his current deal, Newcastle moved to hand Pardew and his backroom staff lengthy extensions.
And in an exclusive interview with Sky Sports News, Llambias reveals that they want to see the current stability at the club continue for years to come.
"What we believe, is that for one we have the right manager and he has ambition and it is all about stability and we believe Newcastle needs to have this to go forward and have success," he said.
"There is no coincidence that Manchester United with Sir Alex has been there over 25 years and has created stability and with that has come success, and along with Arsene Wenger stability has come success.
"What we have achieved over the last five years has been tremendous, we have put a lot into the model, financially we are stable and that will continue and now it's all about stability on the pitch, and having the right managing and coaching staff and chief scout. It is a fantastic move for us and those individuals.
"The long-term contracts with the players and the manager can only make things better going forward. Alan is delighted. He loves the job, he loves the North East and has a real drive to bring a trophy to us and hopefully we will get there in the coming years."
Llambias insists that constant changes at the top is no way to get success.
"You can't keep changing your manager because you have a bad a run," he said.
"David Moyes for instance has done a fantastic job at Everton - they are going to be right up there, so we are looking for that sort of stability and so to give Alan the eight years is the right thing to do."
And the Newcastle chief insists that just because an eight-year deal is unusual in football, doing something different is just how they are looking progress the club.
"We are pleased, very pleased we are doing something different in football, this eight-year deal is something different in football and it shows our commitment to where we believe we should be," he continued.
"Our model is not rocket science; other Premier League clubs do the same but over a four-year period we have taken them from a very bad financial position to a very good position which will only get better, and we will continue to strive to make football affordable for our fans and to fill that stadium and by having entertaining football is the way of doing it."
Llambias has targets and admitted that they want the club to stay in the top eight in the future.
"I would like us to challenge for Europe year on year, and win a trophy. Last year we had a tremendous season - our goal this season is eighth and above but Alan wants to do better than fifth and our players want to do better than fifth," he said.
And he admitted that Newcastle cannot and will not splash huge amounts on transfer fees.
"We don't have an oil well underneath this stadium - lots of coal but no oil well," he joked.
"So we will compete as best as we can with the budgets we have, and the renouncement policy we have, the manager we have, the spirit we have is fantastic and the fan base - we have lots of elements that work but we can't throw lots of money at situations that don't make sense."
