There is widespread incredulity at the (lack of) activity from Newcastle United this transfer window.

However, there is clear logic in the approach which can be observed in the lessons Mike Ashley has learned over 10 years at the club.

In 2008/2009 Newcastle were relegated as a club making big annual losses, Mike Ashley had to loan a further £29m to the club in 2009/2010 to cover the expense of his mistakes.

In 2015/2016 Newcastle were relegated again.  This time the club was profitable, but had spent all the income it had, trying to retain Premier League status. A belated £29m+ January investment on Townsend, Shelvey and Saivet followed by the costly sacking of Steve McClaren and appointment of Rafa Benitez failed to arrest the slide that had been started by McClaren.

After years of cutting costs and turning the finances around from a loss to a profit, Mike Ashley still had to loan £15m more to the club in 2016/2017 to cover the expense of his mistakes again.

Here we are in another relegation battle. As in 15/16, the club does have some cash reserves. Turnover this season will be the highest in the club’s history by a big margin and only a limited proportion of the profits due this season were spent in the summer.  So what should Mike Ashley do?

Every Newcastle supporter would tell him he has to spend the money the club has, it’s the only chance there is of staying up, which is of paramount importance.  They wouldn’t believe any other option could even be contemplated.

But he did this two years ago and had to pay the cost personally.  For Ashley, now, the priority is his personal bank balance, not the status of Newcastle United.  If the club spends all it has on a push for survival, and fails, as in 15/16, who will pay for the losses that will follow in 18/19? Mike Ashley.

If Newcastle United spend nothing, and are relegated, who will pay for the losses that will follow in 18/19?  Newcastle United will, the fans, the Premier League parachute payment, the cash still in the bank.

If Newcastle united spend nothing, and survive, all well and good.

It’s not even a gamble for Mike Ashley, not spending in January ensures he has no personal liability from relegation.

On 22 March 2016 (following Rafa’s first two games – defeat to Leicester and a draw with Sunderland, and relegation looking all but certain) after spending all the club had whilst McClaren was at the club, in an attempt to retain Premier League status, Ashley said in an interview:

“All I can say is, there is a bank account. When you have emptied it, it’s empty. Don’t come crying to me for more money.”

Almost two years later we have hit a new low, rather than allowing the club to spend what it earns to survive, the club is being forced to hold in reserve enough to finance a season in the championship.  Only funds available after that can be invested in the squad.

The positive aspect of this is that there will be more funds to spend in the Summer, if we stay up, and if Rafa Benitez has the patience to keep working for Ashley.

You can follow the author on Twitter @bigchrisholt

To feature like Chris Holt submit your article to [email protected] and/or for more info go here



  • JonMag

    there would be widespread incredulity if the fat [email protected]@k spent anything in the window
    only the dimwitted & mental ward cases thought he would

    • Peter Stabler

      I thought he would, I must be dim witted , thanks – I hadn’t realised until now – you must be super dooper clever.

      • JonMag

        cleverer than you apparently

        • MichaelMaximusMoose

          😂😂😂

        • Peter Stabler

          Well done!

  • Paul Patterson

    Doesn’t take account him restricting revenue and selling for profit and not spending it.

  • Megatron1505

    Open top bus parade for Mike’s balance sheet anyone?

    • TheFatController

      Haha, well, given we have a debt of £140m and a championship squad I doubt we’d win any trophies for how well balanced our books are compared to other PL clubs …

    • X,WHY,Y MAN.

      Why Not ?, It’s likely the only avenue open to success with The Ashley Regime because there will never be any joy on the pitch.
      We might as well celebrate the balance sheet and if memory serves me right there already was an open top bus parade for that very thing a couple of seasons back.

  • Mrkgw

    Time to walk if this happens and somehow, rid ourselves of the angst caused by Mike Ashley and Newcastle United. Enough is enough.

    • Virsino

      Enough, is enough, is enough
      I can’t go on, I can’t go on no more no
      Enough, is enough, is enough
      I want him out, I want him out that door now

      Even Donna Summer knew!!

    • X,WHY,Y MAN.

      Unfortunately it is the only way to unburden yourself from the abject despair that man creates.

      I only hope one day he gets everything that’s coming to him and more !

  • Coble’s Return

    Ashley’s high risk strategy only works if we come straight back up each time we go down. 2016 saw the money roll in for Sissoko, Wijnaldum and Townsend, which more than bankrolled the acquisition of a few hardened Championship challengers. We go down and the club will probably sell Shelvey, Lascelles and Merino in order to try and do the same – it really isn’t going to happen. There is a reason that every one of our rivals is strengthening.

    • HarryHype59

      Actually, he lost £109m in EPL TV money and gained around £52m in parachute, solidarity and Championship money. Getting relegated loses the club millions.

  • HarryHype59

    He has a tidy wedge of this years TV money banked. He just won’t spend it!

  • Monkseaton Magpies

    Most people on here think that Mile Ashley raids the club bank account so there is no money left. Yes he has brought the loan down from £140m to £129m but he put that money in the in the club in the first place. The money in the bank account is available for transfers the rest has gone on players wages not dividends, wages for a bonus for himself.

    • MichaelMaximusMoose

      There is no loan, Fool. you can`t owe yourself money !

      • Monkseaton Magpies

        The loan to himself is currently in the accounts at £129m and is owed to himself rather than Barclays as it previously was. Check the accounts at Companies house.

        • JonMag

          don`t be silly it`s one of his many tax dodges.

        • Joe Harvey

          I find it difficult to comprehend why you continually support Ashley. I accept that some of the criticism of him is wide of the mark.
          However he has over his time reduced our Club to a sad and miserable state where despair is everywhere.
          All the positive feelings of promotion and Rafa staying were lost due to his investment policy. He took part in an alleged interview pre season when he indicated he had learnt his lesson.
          We are now faced with a decent Manager likely to leave.
          Prospects of a decent Manager coming in are zero. Pardew and Carver would even turn us down.

          • HarryHype59

            Too true!

      • HarryHype59

        There never was a loan. It was actually part of his investment when he bought the club.

        The value of investments can fall! Especially when mismanagement is concerned.

    • Wezza147

      Go away PR drone.

      • Monkseaton Magpies

        Does the truth hurt probably .

  • wafflyversatile

    From a business point of view – Ashely has got everything covered… it’s no lose as far as he’s concerned. This article is spot on.

    The irony being that the money HE has wasted by employing the wrong people, making the wrong signings and failure to bolster squad(s) when we have momentum, and catastrophic failures from the top down has probably cost both Ashley and the club way more than, say, reasonably backing the club and implementing a strategy from day 1.

    Who knows… spending the necessary instead of continuously milking the club and wringing it dry may have seen us self sufficient and pushing for the riches and bounty that cup wins and European football bring.

    For a gambler, he’s not very good at gambling. And where’s the fun in gambling when the possible reward is so little?

  • Soldier

    time and again he`s said you won`t get a penny out of me, not difficult to comprehend, is it. or did you think he was bluffing

    • TheFatController

      We don’t need his money, any good businessman taking over 10 years ago with a £70m debt would have turned £100m turnovers into an easily manageable financial situation, even potentially clearing much of the debt.

      But they would have at least set the club up to be worth over £400m and any financier in the world would allow a debt if you’re value is £400m and you are turning over £120m annually.

      In fact, with a good transfer / youth policy, you could probably wipe out that debt with one or two good finds.

      The fact that the debt has doubled under Ashley says we would have been far better off without him and wouldn’t need a Mansour, just a more astute football business bod…

      • FatParosite

        The action of not preparing for this season has been shown as folly because the world and his wife can see we have a Championship side in the Premiership & we are treading water. It would be a reckless gamble not support a failing side as the overall costs would be much more substantive than the payout now if we went down. That is of course if you factor in a mutiny by the support.

        With Benitez gone and gate losses a failing side would struggle to come back up. However I think the slug knows the fans are as thick as mince. They love going boing boing. The fans love the winning regularly in those seasons without TV money. It is a fair gamble, and it works repeatedly.

      • 1957

        In all the furore about not spending on new players, the long term abject state of our youth system now led by Watson and Beardsley is often forgotten. If Ashley had really wanted the club to ‘wipe it’s own nose’ he would have invested in the structure below first team level and employed competent coaches to run it. As you say bring on and sell a couple of good players (Southampton with Shaw etc are great examples) helps immensely with a club’s finances.

  • SAMTHECAT

    Basically Ashley has always made it clear unless absolutely necessary-2 relegations-he is not personally putting money into the club-the club stands or falls by its own bank account, if there is any money in the account now it needs spending because you cannot play with fire a 3rd time, a third relegation can only bring disaster. If he sells the club for 300m ( bought for 132m with loan of 140m) he still makes a profit on his investment but its worth what in the Championship, there will be no sale in the Championship. 5m extra for a striker is well worth dipping into a personal bank account of someone worth 600-700 million?

    • X,WHY,Y MAN.

      It will not happen though and we will all be sitting here tomorrow when the window shuts talking about the same things we have for the last ten years !

  • Coble’s Return

    I wonder if there is possibly a silver lining here. IF we avoid relegation, having failed to invest in the squad and IF as a result, Ashley uses the Sky/BT cash to wipe a chunk of the debt, does that make the deal which supposedly remains on the table more palatable?

    • Duh

      No. He is greedy and wants more money than the club is worth. If relegation is avoided and Rafa is still by some miracle at the club, he’ll want more money for being so clever. The question is will anyone be prepared to pay Mike’s greed premium. You’ve got to have money to burn to do that and there are only a few such people in the world with the means and interest to buy the club.

  • robbersdog

    This all feels a bit grim; if it all goes tits-up against Burnley, the mood will get ugly.

    The thing is…there’s not even a light at the end of the tunnel. There’s just a big, black, never-ending tunnel, and it’s full of sh*t.

    • JonMag

      and we know who the schitt is, Fatberg Mike

    • Duh

      yeah, it’s grim. I think everyone knew they had to be skeptical but could not help feeling a little hopeful. It’s not over of course but, from the outside, the situation is looking increasingly calamitous. Rafa is relying on complete ass clowns

  • Peaky Magpie

    ⏱⏱ 31 hours to go…..

    • TheNutJob

      wrong, 30

      • Peaky Magpie

        😂😂😂

      • MichaelMaximusMoose

        Wrong 29

      • Peaky Magpie

        Actually I think you’ll find it’s now 28 hours and 20 mins 😂

  • Martin Rooney

    an article of guess work, do you mean that NUFC would have withdrawn had the Jorginson bid been accepted?
    Would they have not gone through with Sturridge, and that Chelsea are paying Kenedy’s wages. Whilst we all want a new striker (or the use of Mitro) we don’t need to spout pure fantasy, it’s n ot really helpful.

  • bob0411

    Unless something drastic happens sadly I think Ashley is here for the foreseeable future. And by drastic I mean either a silly bid from PCP (or another bidder) between now and the end of the season or if not that then a concerted, organised campaign by all the various fan groups to make his involvement in Newcastle untenable. It’s going to take huge amounts of bad publicity to oust him, at the ground, at his shops and in press interviews by people with the good of the club in their hearts. The ‘black ops’ PR by the like of Bishop etc. needs to be challenged and countered. It’s now a war and wars are painful and bloody but the end reward could be huge. We all know how thin skinned this guy is, he’s a typical bully and if we stand up to him he will crumble. I think the will is there, the fans just need to get organised. Support Rafa and the boys by all means but let’s get this pariah out of our club.

    • jack

      That’s what we should do , it needs to get backing of a good newspaper , to ask the proper questions , and for the fans not to let up till he’s gone for good

      • bob0411

        I see in TF some lads are organising a sit-in after the match tomorrow. That’s a good, constructive beginning. From little acorns…

        • jack

          Well that’s a start

        • Dont stop bobbi fleckman

          Maybe their mates at NUST could organise a business plan and invite investment from fans to take over the club. Nust was based on MUST who raised commitments if hundreds of millions in an attempt to wrestle control back with the fans.

          Nust have raised nothing but a bedsheet.

  • jack

    If he owns the club how can you lend yourself money , in ten years he has a net spend of 7-5million per season on average , so where has all the rest of the money gone which has been generated , he’s also sold land owned by the club and it could also generate more money depending what is built on the land , he can’t have it all ways and only owns us when it suits him .The likelihood is that we will be probably relegated again , and as soon as we are we will be taken off the market , because there’s no chance that greedy Ashley will sell us for championship value , and as far as Amanda stavely goes , I think she missed the boat and should have just given him the three hundred million, because that would be the only way she would own us , because he just won’t sell in the championship and god help us what manager we have then

    • TheNutJob

      JFK with a nurse to jump start him if there`s any problems

    • grantham mag

      If she had offered £300m he would have wanted £350m, Fatty had no intentions of selling the club.

      • jack

        Your probably right

  • TheNutJob

    nee transfer news then lads, i see the banks empty, i wonder who did that
    😂😂😂

    • Peaky Magpie

      Aye,Butch Cassidy up top,the thieving fat ba***rd !

  • jack

    And I don’t for one moment that Ashley loaned us 140 million pound

    • Shipcote Willy

      He didn’t lend ‘us’ anything. He owns the club lock stock and barrel and loaned the money to himself to pay off a loan he accepted when he bought the club, transferred the money from one pocket to another and its still there.

      • jack

        That can’t be right , is it legal ? How can he get away with that , somebody with the intelligence to do it needs to go through everything since he arrived , independent audit

        • TheNutJob

          that`s exactly what HMRC are doing

          • jack

            Well they should punish the man only , not the club

        • Guest 2

          Doesn’t need an audit, mate.
          The majority of the money he used was through his other companies – MASH / St James Holdings.
          he personally provided 29 million as a result of relegation 1. In 2012 he repaid himself 11 million (of the 29) from a further St James Holding loan. He did the same in Dec 2016 – loaning another 33 million of which 18 million went to him.
          29 million back in his personal bank account therefore. 29 million still on the books as club debt as one his companies made the loans.
          129 million was the debt figure up until December 2016. Ashley gets 18 million – but 33 million was further loaned. So, 129 – 18 (111) + 33 = 144 million.

          No doubt Fleckman, Clarko, and the Monkseaton Mong will tell you this is all perfectly acceptable.

          • Westdentoon

            ‘Monkseaton Mong’, belta 😂

          • jack

            So your saying after ten years of running club we are now 144million in debt , I just don’t believe , I find it incredible actually ,so we’ve made no money in ten years .I was under the impression , bought as seen , he bought any debt and he owns the club outright , so he’s only lending himself , something is pretty shady at Newcastle , he’s sucking us dry , asset stripping us and keeping the debt at exactly the same , so he’s never made anything out of Newcastle ? Of course he has , millions , why wasn’t all that deducted

          • Guest 2

            I am indeed mate, and the accounts prove it.
            He is indeed only lending to ‘himself’ but it’s all from his other companies rather than him as an individual. He made sure he got his personal 29 mil back.
            There’s no doubt at all he’s asset stripped (merchandise, advertising, club land).
            The problem with trying to prove exactly what he’s done or what amount is involved is down to the accounting method, where the books are all part of group returns.

          • jack

            And I suppose nothing can be done about it , really he needs locked up

          • jack

            The land he bought ,would that not belong to a new owner , surely it’s part of the club even though he bought it he owned the club

          • Guest 2

            He bought the club, he bought the assets. He’s already done a deal with the scum bag Council to develop the land.

          • Guest 2

            I’m fairly sure something could be done- if we had a true investigative journalist who gave a F to be interested enough.
            It’s way above my head unfortunately, but if something is brown, looks like [email protected], smells like [email protected], I’d always presume it was actually [email protected]
            As you can tell by a few commentators on this site, and more than enough idiots who have tv time, they seem to prefer an alternative explanation.

      • HarryHype59

        He has ring fenced the £129m “loan” so it hangs around the neck of the club like a mill stone!

        • Guest 2

          144 matey. 33 million added Dec 2016

          • HarryHype59

            Didn’t he pay himself that money back? He insulates himself from the consequences of his poor stewardship of the club!

          • Guest 2

            He repaid himself 11 million in 2012 and 18 million Dec 2016 – that’s the 29 million he personally put in due to relegation 1.
            However, that 29 million is via further loans from St James Holdings – so the total club debt has increased despite the fact he’s personally had the money back.

    • Dont stop bobbi fleckman

      We had loan debts of £89m, unpaid transfer fees for £38m and a loss of £33m to finance when he took over. Ashley settled most of this debt with a £129m loan.

      • bob0411

        And what about the massive amounts of money he has made from the club subsequently? Why are you defending Ashley, what is your agenda?

        • Westdentoon

          Don’t you know, poor Mike is skint, it’s all wallpaper. He only wants what’s best for the club and if it wasn’t for him we would have done a ‘Leeds’!

        • Dont stop bobbi fleckman

          Bob, what money has he made from the club?

          • bob0411

            Behave

          • Dont stop bobbi fleckman

            Genuine question. He’s had no loan repayment, no wage, no dividend and the offer he’s had for the club has him losing £27m.

            I ask, where is the money that has been made?

          • bob0411

            Think I already covered that Mr Troll…

          • Dont stop bobbi fleckman

            I don’t think you’ve covered it at all. Facts and figures suggest your statement was wrong.

          • bob0411

            Ok, I’ll play this once. You’ve focused on only one of the points I made earlier (lost advertising revenue). Not sure where you got your dubious figures from, 50%? Looking at the state of the stadium with all the SD tat I’d say that’s pretty much 100% of available advertising. The 2 years in the championship are down to your illustrious leader so again lost revenue is down to no-one but him. I also don’t believe we’re comparable to Aston Villa or Everton as we’ve had much greater exposure than either club in recent years, e.g. outside the top 6 we’ve had more televised games on Sky than other clubs (while in the Premiership) and were far and away the biggest draw last year in the Championship. The £300M is a fantasy figure as Ashley has effectively asset stripped the club, otherwise he would have buyers hammering at the door. His reaction to a fair bid from PCP was childish in the extreme and shows the calibre of the man. So now I’ve answered your point, as poor as it was, answer mine, what is your agenda and why are you on this site exactly?

          • Dont stop bobbi fleckman

            I’ve focused on only one of the points you made made on lost advertising revenue as this is the claim I disagree with.

            50% is the amount of perimeter advertising handed over to SD. The static boards on the concourse, exterior and on mid-tiers are worth diddly squat. The 2 years in the championship may well be down to Ashley’s ill advised apointment of Shearer and McClaren but this has an impact in the advertising revenues available.

            I choose Everton and Villa as they are similar profile clubs. Both clubs had historically bigger crowds and illustrious histories than ourselves. I put us on par with them, Leeds, Sheffield Wed.

            I’m not sure how you say Ashley asset stripped. In 2007 the club was insolvent with net assets of negative £16m. We now have net assets of £31m, that’s not asset stripping.

          • bob0411

            You utter plum, blaming Shearer for the first relegation, haha. Pep Guardiola couldn’t have saved us in that situation! (You may be familiar with him, he’s in your neck of the woods right now). The sole blame for that relegation rested with JFK, one of your idol’s finest appointments (not). Nice avoidance of answering my question again. I think we’re done here.

          • Dont stop bobbi fleckman

            Jfk had a better points per game rate than Shearer or Chris Hugh ton in that season. Had jfk carried on, we’d have avoided the drop comfortably.

          • bob0411

            Yawn!

          • Dont stop bobbi fleckman

            It’s demonstrably true and we’d have stopped up had he not been taken ill.if you ever speak to the players, they rated him even though he was no Kevin keegan.

            As it happens, I think relegation that year was good in the medium term as it flushed out expensive dead wood.

          • Cockneytrev

            You’ve shown him up for the Ashley hoop licking troll he is,,
            Better to block him and his other alias’s,, he’s been coming in this site for years spouting his utter garbage,,, try to get him to answer questions and he changes the subject, as for his knowledge of football, well he’s clueless,,

          • bob0411

            Cheers Trev, about to do that very thing. He’s clearly a legend in his own imagination! Was fun at first but getting quite tedious now… JFK was a good manager, bloody hell haha.

          • bob0411

            He was right about one thing however. I got the name of the University football finance expert wrong, it was the guy from Sheffield Hallam, not Liverpool – Daniel Plumley. I’ll try and find the actual article and post it up – it was in one of the failed takeover stores last week so quite hard to locate…

          • Dont stop bobbi fleckman

            I’ve tried googling Daniel Plumley and Newcastle united, all I get is his valuation of the club at £300-350m.

          • Dont stop bobbi fleckman

            How are you getting on with that widely reported evidence?

          • Dont stop bobbi fleckman

            Now, I didn’t say JFK was a good manager (although he did well in other jobs) I just said it was not his record that got us relegated.

            His plus points were that the players I’ve spoken to rated him. He bought Kevin Nolan

          • Dont stop bobbi fleckman

            Trevor, that is not true is it? What did you ask, I can answer it for you.

            Try me on football, I’m rather good.

          • bob0411

            No genuine Newcastle fan would spout the rubbish you do mate, you’re are the trolliest of trolls. Glad to have shown you for what you are. You’re fooling nobody…

          • Dont stop bobbi fleckman

            The trolliest of trolls? You are going to run out of insults whilst trying to avoid the question.

      • jack

        When he bought us he bought the debt , so only lending himself the loan money .

        • Westdentoon

          Exactly. Don’t understand the logic in saying he paid off the debt so the club owes him the money. It’s his club for God’s sake, so his debt. He will no doubt make his money back, and more, when he eventually decides to relieve us all of our misery!

          • Guest 2

            Exactly. 144 milliion is all club owned debt – to MASH / St James Holdings. On a sale that will have to be cleared – and the 29 million he repaid himself will be repaid again within that 144 mil.

        • Dont stop bobbi fleckman

          He bought the assets and liabilities, however, the debt existed when he took over and the losses were ongoing and had to be financed.

  • Shipcote Willy

    I said in the summer, we are stuck with Ashley, he wont sell the club or spend anything on it. He has made money from the club, however he and his accountants try to spin it. We will have another low paid puppet manager next season so he can save even more money

  • Stephen Barkas

    I can’t understand why there has not been a documentary/investigative report done on the joke that has become Newcastle United. A board with the lowest paid Chief Exec who can’t speak or make decisions and Bob Moncur. Moncur being asked for his expertise which is 50 years out of date? Bottom of the January spenders every year and misled deliberately by NUFC.
    “Every last penny and the horse before the cart”
    Ashley is a liar but never questioned, why?

    • Guest 2

      It was a complete misleading statement – as he used all available funds including player sales to fund the running of the club due to the relegation and loss of tv revenue. There was NO money!

  • Come&TakeIt1836

    I’m not clear if this article is some form of comedy, melodrama, or an attempt at being serious.

    There is no problem after May. The tv money comes in and we have over £100M in cash. This is whether we are relegated or not. MA does not have to personal subsidize anything from May on. Until then, there is no way the club could have recovered from a year in the Championship with the wage bill we carried. The club has somewhere around £20M in cash right now. This is a half a year of game day receipts plus the collections for the few small transfers at the end of the last window.

    I’d really like to know if the club ever entertained the idea of a short term loan this month that could be repaid in May when the cash comes in.

    • bob0411

      That’s all well and good if he’d bought the club 2 years ago but what about all the money he saved on free advertising for SD? Estimated to be in the region of £40-60M. The huge profits made on player sales (Carroll, Sissoko, Wijnaldum etc.) ? The sales of shirts and club merchandise now funnelled into SD rather than NUFC. The sponsorship money from W*nga and Fun 88? The potential revenue from developing the land next to the Strawberry Corner? Fine if he doesn’t want to fund the club with his own money but he can’t have it both ways!

      • Dont stop bobbi fleckman

        “Estimated to be in the region of £40-60M.” estimated by who? Set that against the interest charges saved at £100m confirmed by the audited accounts?

        • bob0411

          It was widely reported in the press last week, go look it up. When challenged at the SD AGM Ashley himself confirmed the value of the free advertising was considerable. And the alleged ‘debt’ (new stadium construction) would have been paid off by 2016 if the club hadn’t be run by such a rank amateur. Don’t let the facts get in the way of a good story though.

          • Guest 2

            “Extremely beneficial to the shareholders of Sports Direct” is what he actually said.
            Yeah, the free advertising is going towards the profit of shareholders in a public listed company which provides zero benefit to NUFC.

          • bob0411

            Yep and three guesses who the majority shareholder is?

          • Guest 2

            Aye, but a whole bunch of other people and organisations are shareholders too and they have F all to do with this club.

          • Dont stop bobbi fleckman

            Widely reported in the press? well I never. I’m sure nobody could question the press. Which particular paper?

            It’s just that £60M would mean £6m a year for 50% of the advertising meaning our stadium advertising was worth £12m a year. Looking at similar sized clubs, Everton and Villa would be similar sized clubs but both seem to achieve just £4m in advertising, how our stadium advertising should be worth so much given 2 seasons in the championship, this seems unlikely.

            If this widely reported estimate were true, I’m rather surprised the investors have baulked at £300m. The club generates a profit under the current tv deal of around £44m, if it’s widely reported that this would be £50m if the perimeter advertising was maximised, surely an investor would snap that up? £50m a year on £300m is not likely to be baulked at.

          • bob0411

            Really cannot be bothered with your obvious trolling, as I said look it up. Again, what is your agenda here?

          • Dont stop bobbi fleckman

            You know, I’ve Googled ‘newcastle united advertising sports direct £40m – £60m’ and I find nothing recent and nothing that values the advertising anything like that.

            My estimate is based on similar sized clubs and it’s nowhere near the widely reported (but unavailable on the internet) figure you read just last week.

            Given the evidence, I don’t think this is widely reported at all.

          • bob0411

            You didn’t Google very well, here’s a hint, try looking at last week’s quotes from Professor Tom Cannon, Liverpool University.

            Also here are some ACTUAL facts for you (from a well known protest site):

            Literally ALL other Premier League clubs have managed to grow their commercial revenue since 2007. On average commercial revenue has grown by £24.5m per year, compared to Newcastle United’s drop of £10m per year. If our commercial revenue had grown even in line with other Premier League clubs since Ashley’s takeover, we would have been (and continue to be) at least £25m better off every year. That ‘interest free’ loan used as justification for free Sports Direct advertising could have quite comfortably been paid off already.

          • Dont stop bobbi fleckman

            I’ve looked for this article but have only found Tom Cannon whining as only a scouser can about Wonga with Talk sport’s Paul Hawksby wiping the floor with him.

            Can you tell me what paper this was in?

            The point on commercial income is not comparing like with like. We have outsourced much of our commercial revenue streams since 2007. This means our income is now straight to the bottom line rather than revenue before costs. Under the old regime, we lost money in some years on merchandise, we now outsource this profitably which is much better than a higher turnover and losing money.

          • bob0411

            “We”? Was that the royal ‘we’ or indicating something more sinister, hmm, I wonder! Income is straight into Ashley’s pockets you mean. As I said we’re done, pulling you to bits is sadly no challenge.

          • Dont stop bobbi fleckman

            ‘We’ as in nufc you dullard. Can you point to any evidence of this pocketing of Newcastle United cash?

            Think for a moment. Mike Ashley can legitimately take £144m from NUFC and put it straight (albeit in part with 12 months notice) in his pocket as you like to say. He can do this completely tax free. Why then, would he run a scam that milks his own business and risk apparant corporate fraud for the sake of a few quid. Are you familiar with Viz’ character Elton John and his various cons? You seem to believe this goes on at nufc.

            You are bonkers.

          • bob0411

            I’m bonkers? You just admitted you’re from Lancashire and by inference a Man U fan? So indirectly you did eventually answer my question, you’re a troll, nothing more, nothing less…

          • Dont stop bobbi fleckman

            Really? I think you may need to re-take English o’level and your Geography isn’t too good either.

            I think Jezza, Jeremy / Jessica may have got the wrong end of the stick when I joked about dropping speed at Wigan casino.

          • bob0411

            I’m sure these are questions HMRC will be asking Ashley very shortly…

          • Dont stop bobbi fleckman

            The HMRC investigation is about payments into agents not payments to Mike Ashley.

            If Mike Ashley has really been taking money from Nufc (you still haven’t offered any evidence) do you not think PCP would have noted this in due dilligence?

          • Dont stop bobbi fleckman

            Any chance of linking this widely reported article? It sounds like you have made it up.

          • Dont stop bobbi fleckman

            I’m not sure how the debt would have been paid, not one penny was repaid from the day the stadium loan was drawn and the club was making increasing losses with a worsening cash position.

            From 1999-2007, the debt increased, I can’t see any justification for your claim.

          • bob0411

            Increased tv revenues?

          • Dont stop bobbi fleckman

            Yet we were constantly paying wages at around 75-80pc of turnover, what makes you think our policy Of paying extra wages to attract player oop north was going to change?

          • bob0411

            And there we have it folks ‘oop north’ – said no-one from Newcastle ever. It is however a phrase commonly used by people from Lancashire. The truth will out!

          • Dont stop bobbi fleckman

            Blimey, you are clutching at straws. The point being Nufc in that period showed no inclination of controlling costs enough to repay debt.

          • bob0411

            Smoking gun more like, a liar always trips themselves up. I’m afraid you’re just not as clever as you think you are.

          • Dont stop bobbi fleckman

            The ‘oop north’ was a southern stereotype attitude of the North East. Failed Freddy Shepherd continued to claim we needed to pay more to combat this attitude.

            The point being (a point you seemingly want to avoid) is we had no chance of paying off debt whilst over-spending year on year.

            You seem obsessed about where I live, it’s a bit further sooth and east of Manchester if you are visiting.

    • East Durham Mag

      And you think the money isn’t going to Fattys pie and lager fund? He won’t spend it on new players.

  • X,WHY,Y MAN.

    I think we all knew this beforehand with the big spend with McClaren and then the failure to stay up with Benitez.
    You can bet your bottom dollar that is what Dough Boy’s thinking is on spending now.
    To him it is a case of what is the point if we go down anyway ?, And thinking about the money needed to bounce straight back.

    If they had got Sturridge and along with Kenedy that would have been them finished with a chance of someone being whizzed away in the helicopter at the 11th hour a possibility.
    I wouldn’t put it past him to turn another profit this window if he can with anyone who a bid comes in for.
    Then a few laughable bids late on for players they have no intention of signing and another window slamming shut without strengthening.

    • Michael Stephenson

      already happening with reports merinos on his way to madrid

      • Guest 2

        Cheer up, man. With that news and a desperate need for attackers – Graves of Sky tell us we are talking to Mangela, FFS!
        Rafa has seen the light, understands the restrictions and will now field a 1-6-4 formation. Six in defence, 4 in midfield, no one allowed over the half way line.

  • Stephen Paylor

    I really dont mind if we dont sign anyone unless they are a real upgrade on what we have already. We finish on 37 points with the current squad and i think that will be just enough. Hopefully better players available in the summer with a decent budget. Trying to stay positive….

    • East Durham Mag

      Where is this decent budget coming from? Fatty and Penfold? A new owner? Maybe we will have Warnock or some other knacker in charge.

    • Duh

      Well there is a point about wasting money and a squad number on dross but I think we need to get a striker in, even if it is loan. Could have done with a decent midfielder/no.10 as well. Stating the obvious here but we are a weak squad and all of our relegation rivals have strengthened.

      Kennedy was on paper a good addition but no where near enough.

    • jack

      There won’t be a decent budget in the summer , Ashley won’t spend money

  • nufcslf

    Lying fat c**t, rot in hell.

    • Peaky Magpie

      👏👏👏 And so say all of us….
      ASHLEY OUT….

      • Dont stop bobbi fleckman

        I’ve been away a day and this place has become dominated by chaps from university challenge…….whoops, I mean bominated by chaps who are universally challenged.

        • Peaky Magpie

          Been away where,day release ?

          • Dont stop bobbi fleckman

            No, for some reason I was blocked, censored.

          • TheFatController

            Haha

          • Dont stop bobbi fleckman

            It’s Stalinist, I tell you! I know a few on here are a far-left but it’s not right (as in correct, not right).

  • Guest 2

    Big point here though. Ashley doesn’t personally subsidise the club and hasn’t since relegation 1. The 29 million he loaned then has been repaid to him in full – through more loans from St James Holdings.

  • Dennis Tate

    The FA should start and thoroughly screen new owners who put themselves forward to buy football clubs.
    That is not to benifit themselves in a way to ruin a club by taking most of the profits and ignoring reinvestment.
    A ruling of a percentage by the FA of any monies from all profits should be automatically be guaranteed to the manager if he wants to invest in his team.
    Owners like Ashley are buslness people in a different trade that do not know the ins and outs of football expenditure.
    Even he admitted that.
    As we all know and he has been found out he does not follow his promises to benifit NUFC. but would rather let them struggle like a toss of a coin.
    Ashley it is the Football Association and the supporters that is lining your pockets so open your eyes and put your brain into gear, because if you do not do this on this transfer with 24 hours remaining, you will have lost one of the best managers in football and killed the club once again.
    What you need is a lesson in Football Ownership.
    Talk to the big boys running successfull football clubs and the vast rewards that they reap.
    NUFC cannot be owned in the same principles as tick tack Sports Direct.
    You have bluffed your ways for far to long and time is just about up.

    • JonMag

      The FA are as bent as the chairmen mate, jobs for the boys, turning a blind eye.

      • Georgia Peter

        Porciestreet
        Joey Barton’s terminology re the FA on Talksport yesterday was spot on
        ” A bunch of Nuggets.”.

        • Geordiegiants

          “Tubes”

    • Georgia Peter

      Porcieatreet
      Dennis my friend,….do you really think the thieving 845tard doesn’t know exactly what he’s doing.
      This is exactly how he became a Billionaire in the first place.

  • JonMag

    heard the latest, Newcastle (that`s the fat [email protected]@k) open to offers for Mikel Merino, they are trying to do a deal to replace him with a loan midfielder from Real Madrid`s fringe players.
    you couldn`t make it up

    • Paul Patterson

      If he goes then that’ll be it. We can’t lose our best players and not replace them. We suffered when it was Cabaye and it would be even worse this time as we are so limited.

    • Bowlsey

      I’m quite ill at the moment and trying to cheer myself up by watching docs on YouTube and the like but, like a leper picking at a leaking sore, I keep coming back here to see what news, if any, is developing at Newcastle. I wish I hadn’t bothered. Trying to flog Merino now are they? I give up. Ashley and his apologists can just die, I mean it, just die. Consider me ‘triggered’ or consider me just bloody ill and not thinking straight, depressed and insanely angry. Honestly they all just need to die, hopefully in excruciating pain the likes of which I’m currently going through. To all those who say “That’s ridiculous! It’s only a bloody game at the end of the day!” I don’t care. There’s too many humans on the planet anyway, who gives a toss if a few more oxygen wasters and mouth breathers go the way of the dinosaurs.

  • Paul Patterson

    There was some dipstick just on BBC Radio Newcastle questioning/criticizing Rafa for not spending the £75m he raised over the last few transfer windows and asked the question- Do fans think Ashley has just put that money in his back pocket.
    Answer- Yes, open your eyes- Yes he has.

    • JonMag

      more like Mikes money box in the Cayman islands

    • Guest 2

      Must be a prime candidate to become a football pundit then.

    • relaxed

      was it Bishop

      • Paul Patterson

        Had a north east accent, could have been Charnley.

        • Guest 2

          Monkseaton Mong – the ‘bestest’ supporter in the world.

    • Wezza147

      He has though, pocketed millions. Where has all the money gone? That is why he owns to club, to make money… at any cost.
      This despicable fraud needs to sell up ASAP.

      • Dont stop bobbi fleckman

        When did this money get pocketed? I consider myself pretty numerate and I can’t see this pocketing going on, quite the opposite in fact.

        • HarryHype59

          Someone said he has repaid himself two loans in 2010 and 2016, yet the “debt” is still £145m.

          I want to know what has happened to the two lump sum payments from the TV deal the club has received?

          • Dont stop bobbi fleckman

            I’ll answer in two parts Harry:
            This is the headline movement in the lending:
            June 2007 – MA acquires Shares, loan debts stand at £80m, Unpaid transfers fees £51m Trading loss £33m
            July 2007, MA provides loans the club £129m, this repays £80m loans, £30m of unpaid transfer fees with £29m to working capital to help cover the trading losses and provide funds for transfers.
            End 2008 – lending from MA personally to the club is £129m
            2009: To provide working capital following relegation, MA lends a further £11m
            End 2010 – lending from MA personally to the club is £140m
            2011: The club repays the £11m loan of 2009 to MA.
            End 2011 – lending from MA personally to the club is £129m
            Dec 2016: Loan introduced from Mike Ashley’s separate company St James Holdings ltd – £33m
            Dec 2016: £18m Loan in Mike Ashley repaid to Mike Ashley personally
            End 2017 – lending from MA personally to the club is £111m, lending from St James Holdings (Ltd Company wholly owned by MA) to the club is £33m + total £144m

            The TV payments are entered into the accounts as follows:
            CR: Profit and loss account – TV income
            DR: Bank Current account

          • HarryHype59

            So looking at your figures £44m of loans have been made to ease liquidity problem. arising from two relegations?

            I maintain the loan is only notional, as I refuse to believe he didn’t do due diligence and “discovered” all this debt after he bought the club.

            He paid around £260m for an established EPL club with a modern stadium. The “debt” is simp!y a means of ring fencing his investment. He has devalued the club by getting it relegated twice. As such he should have taken the £250m from PCP.

    • Damon Horner

      Some people are just stupid. Which manager with £75mil to spend decides not to spend it…

  • NUFC

    What is this Ashley apologist nonsense. No other club in the premiership takes this approach to transfers, why is it suddenly a sensible approach for Ashley

    • GToon

      This is the best statement you could make. Every footballing expert, every fan connected with the club or not, every media outlet all say he isn’t running the club properly and that no other club operates in this way. But good old Mike doesn’t listen to anybody. He’s going for his own record of promotions to the EPL in 12 years. He just needs to ensure that we are relegated at the end of this season so he can go for number three.

  • Angelswithdirtyfaces

    “All I can say is, there is a bank account. When you have emptied it, it’s empty. Don’t come crying to me for more money.”

    Nobody, but nobody runs a successful business and expects a return without investment – whether this comes from profits or borrowing. It’s called capitalism. The clue is in the word ‘capital’.

    If you do run a business with minimal investment and then try to get a significant return it’s usually more about asset stripping.

    • Guest 2

      Question being – what investment has he actually brought? He replaced old interest bearing capital repayment debt, with non interest bearing non reducing capital debt, and now at a higher level.
      So, other than loans through his other companies, there is not one single penny of investment he has put into the club.
      What he has taken from the club is well known.

      • Angelswithdirtyfaces

        If you spend £50m on quality incoming transfers then the player value of your side goes up by £50m – buy bargain basement players and you can’t even sell them again..

    • Dont stop bobbi fleckman

      He may just think that after putting £144m in, the business should wipe it’s own.

      I have shares in BT, if BT need a new set of records for ‘dial a disc’ I don’t get asked to contribute more money.

  • GlasgowMag

    Am I missing something does fat boy not own the club so why is he loaning his money to pay himself. I also don’t know why the press don’t investigate the advertising revenue the fans point it out regularly but nobody seems to mention it in the media. I would love to see the true figures for this as I wouldn’t suppose a experienced reporter would take to long to find out the true value of this element!!!

    • Guest 2

      Well he is on record as saying SD were going to start paying for it. Haha!

      Like the merchandising. RFC deal is now known and it was 75% to SD and 25% to the club. If they wanted reduce that they had to repay the 5 million loan.

      In our case, SD hasn’t given a single thing to our club.

      • Dont stop bobbi fleckman

        When Rangers repaid the loan to Sports Direct, Rangers continued to use Sports Direct as they renegotiate d the deal, Rangers are now very happy with the arrangement.

        Sports Direct fulfil the merchandise for lots of clubs, other clubs use the likes of Kitbag. Our deal with Sports Direct is the most generous in favour of the club (that Sports Direct have).

        Your figures look to me as a great deal for Rangers. Sports Direct deal with all the cost, licencing, manufacturing of non Puma gear, stock it and logistics and Rangers are getting 25pc net profit.

    • Lord

      I think he’s loaning the money so that he can recoup the money invested tax free whenever he feels like it.

      If he had sunk it in, it would become capital owned by the company and he’d have to pay tax on it when paying himself company dividends/bonus/salary.

      • Dont stop bobbi fleckman

        This is correct, it was also originally debt. As a UK tax payer, he’d throw 45pc of his money away by converting to equity.

    • Dont stop bobbi fleckman

      The advertising is easily valued, compare similar clubs. Everton is closest, they earned £4.5m from advertising in their last accounts, Sports Direct take up around 50pc of the space, value is £2-3m.

  • NUFC

    We went down last time and the squad was literally asset stripped, admittedly good money for the laughable sissoko and good cash for wijnaldum… we go down this time and there’s barely a player that would raise double figures…. I don’t fancy our chances next time round with no Rafa and the squad stripped of lascelles, clark, merino and shelvey!

    • Down Under Mag

      I think Lascelles, Merino and possibly the likes of Shelvey, Hayden, Mitro, Atsu and even Murphy could be moved on for decent money. The first two especially have been good all season and Murphy has proven he is good potential… Also, the likes of Gayle, Ritchie and Clark have proven they can be top drawer players in the Championship and I suspect the likes of Joselu would bang the goals in if he dropped down a division where he can get a bit more time. It all adds up to Ashley being proven right and the cycle continuing…albeit without Rafa, but I suspect some Pulis type will be quick to snap up the job offer if it came their way!

      • Dont stop bobbi fleckman

        I don’t have high hopes for relegation.

        I suspect those players listed will be sold. If I were Mike Ashley (not speaking as a fan) I’d recoup £100m in transfers plus compensation for loss of Rafa. I’d be taking the £144m loan back and put the club up for sale accepting £150m. That way, he’s better off than the £250m PCP deal and breaks even.