I had my first ever article published yesterday on The Mag, it was about Mike Ashley and his valuation of Newcastle United (see below).

It prompted a lot of debate, with 125 comments the last time I looked, mostly constructive, even if disagreeing.

I would like to follow-up with something which is linked to what I wrote on Monday.

So just how much is this Newcastle United squad worth?

I have a feeling that this might surprise some readers and add to the argument of why Mike Ashley wants big money. Can I firstly make it clear that this is just personal opinion and not meant to be inflammatory.

I am going to resist the temptation of putting a price on individuals, that wouldn’t be right, but I’ve already come to the conclusion that our playing assets are worth over £200m.

We have a defence, including keepers, worth more than £100m, The centre-backs are worth at least £50m. Even the goalies have value and potential.

Then look at the midfield, could you argue with a value of £50m, on a good day a certain lynchpin could bring that himself.

Then there are the misfiring strikers but even they are worth more than £50m, that includes our no.10.

These figures are more than just my opinion, bids (and reported valuations) actually back this up.

Yes, in my opinion our assets on the pitch are worth over £200m.

Let’s hope Mike Ashley doesn’t get impatient and asset strip. I honestly  think we are safe from this but it does go somewhere towards my overall valuation (of at least £400m) for this great club.

Steve Hickey writing on The Mag – Monday 11 June 2018:

Now I am not a Mike Ashley fan.

He is, as we all know, a businessman. This in itself means that there is a good chance that passion is put to one side in pursuit of finance.

Add to that the perception that he doesn’t care for the fanbase and enjoys winding us up. Shay Given pointed to the hiring of Joe Kinnear.

Then there is the treatment of Rafa etc.

I do agree with Mike Ashley on one thing mind, the price of Newcastle United.

The increased value of our squad, coupled with the £125m or so prize money, makes the £400m asking price look not so bad after all.

Given that most thought it was worth £250m to £300m last season, I don’t think our friend Mike, is far off the mark.

Certainly the top six are all billion pound concerns, so we are worth at least his asking price. We certainly don’t get the hype of the top six and the press have something to answer for.

Surely we are hot property? Just look at our ground, gates and fanbase. Sky coverage last season suggested that Newcastle United were a top six club.

So maybe the fans should stop taking a pop at Ashley over the price and start asking why the media keep putting the club down. We’ve been labelled demanding, unmanageable and a poison chalice.

Why, for simply wanting a club that cares and players who try?

Ask yourself why lesser clubs are seen as more attractive, why are Everton worth almost double.

I put it to you that the press are doing the Newcastle fans no favours at all.

What could possibly go wrong in a Mike Ashley free zone, with full houses every week.

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

Rafa Personalised NUFC Gifts



  • JonMag

    you can value what you want mate, it`s what someone is willing to pay that matters and nobody is getting killed in the rush to buy.

  • Virsino

    “I am going to resist the temptation of putting a price on individuals, that wouldn’t be right” – well, that’s just ridiculous. How can you get a £100m defence without Lascelles being worth 45-50 million?

    • Leazes.

      The bulk of that figure is four players

  • Rich Lawson

    And yet no serious buyer steps up to the plate,£400 mil doesn’t look that bad a price,so what’s stopping them ? Presumably the uncertainty of the manager staying (he’s priceless !),ongoing HMRC investigation,what’s happening with that ? Or is there something which due diligence shows that isn’t obvious in the published/next accounts ?

  • Dutch

    The whole article is a waste of time anyway. If a pending purchaser offered 400M it would be turned down by Ashley and either 450 to 500 Million would be the new asking figure. I suggest we just accept that Ashley is going nowhere and crack on with the upcoming season.

  • Lostprofit DBC

    It would have been a long drawn out article to mention individuals. I see the big money men to be the ones linked to other clubs that we have rebuffed. Lascelles and Lejeune, £65m between them, Dubravka more than double what we paid, Woodman the same. Perez also the subject of £20m speculation, Mitrovic of course, maybe for more.

    • Dillon Tovak

      You sound like a child on premier manager.
      How on earth can you claim to know what a team would pay for Woodman?

  • Paul Patterson

    “Let’s hope Mike Ashley doesn’t get impatient and asset strip. I honestly think we are safe from this . .”

    If he gets the chance, there will be some assets that will be flogged immediately with or without the say of the manager. If bid come in for Lascelles (£50m+) and Perez (£20m+) they will both be accepted quicker than you can say ‘Is that Ashley’s helicopter?’

    • JonMag

      those are fantasy figures until an actual bid comes in Paul,
      lascelles is worth a few bob but only a maniac would pay £20m for Perez.

      • Leazes.

        If Mitrovic is worth £20m then he’s worth more…. he’s a far better player.

        • Ram Kishore

          We may never know until a bid comes for him..

        • JonMag

          he was totally out of his depth until the last 10 games or so when half the opposition were on the beach, Gayle, Joselu, Mitrovich & Perez are just not good enough.

          • Monkseaton Magpies

            Did you see his wonder goals against Arsenal and Leicester City you have to be extra special to do that

          • JonMag

            go away fool, he`s been here years and had a dozen good games

          • Monkseaton Magpies

            Without him we would have been relegated full stop. Take away his goals where they were decisive and we would have been thirteen points worse off eg have not included the two he scored against Chelsea so learn your facts.

          • TheNutJob

            😂😂😂😂😂
            without St Rafael we would have been relegated & as soon as he gets his mitts on a Number 10 Ayoze will be benched

          • Kneebotherm8

            Rafa ain’t a saint……he’s the Messiah……according to you know who……😂😂

          • TheNutJob

            😂.

          • Monkseaton Magpies

            Agree because that’s why he kept picking Perez who kept us up. Shame most on here especially Jonathan the article writer hate him. I think he is in our top three players.

          • Leazes.

            Good argument.

        • Paul Patterson

          With 10 goals and 5 assists, way more than anyone else we have, he has a good argument for being our best player.

      • Paul Patterson

        In the current climate Lascelles would command a £50m figure easily and Perez is an attacking midfielder that scored 10 goals last season. I’d say £20m is reasonable. However my point was about them being off the second such a bid appears.

    • Sickandtired

      Yeah, it’s not like he would sell off club owned land for his own profit, is it…

  • Ram Kishore

    I dont know what most of u guys are thinking..these 40 to 50 million value u guys are placing on Lascelles is kinda absurd and stupid..
    Believe it or not Lascelles had one good season in PL so far..
    Don’t get too hyped about it..
    He needs to prove at least for one more season for us to demand that sorta sum

    • Paul Patterson

      Andy Carroll?

      • Kneebotherm8

        Fair comment…..in a very similar position ie…..a championship promotion season and half a season in the premier league ….Andy’s value rose to £35 million…….at least Lascelles has had a full season in the top league with us….

        • TheNutJob

          divent mention Big Andy or it`ll be the next headline
          He`s coming home
          😂😂😂

          • Kneebotherm8

            Ye knaaaa he’ll be linked with us in the next few weeks…..him’n bas dost…….wot a forward line….

          • TheNutJob

            I`ve been waiting since the last game, he`ll turn up ok

  • Dillon Tovak

    So that’s the squads value? Only if you sell every single one of them today.
    In a year or two the value has completely changed and only a psychic could say it’ll have gone up.

    What’s with all the pro-ashley angles these days? You’ve sold your soul Mag. Smh

    • Lostprofit DBC

      How is it pro Ashley to say our club is worth 400 and players 200? Hopefully he will be gone, it’s not really him the issue. Believe me I am anything but pro Ashley. Just a fan who supported home and away for years.

      • Dillon Tovak

        Anything where you give him the benefit of the doubt is pro.
        He leads everyone on a merry little dance, pretending this and that for his own cause.
        If we were worth £400m there would be people trying to buy us.
        Our squad needs millions and millions invested into it, our current squad as I say only worth x amount today.
        Jonjo and Lejeune for example aren’t gonna fetch much in 2 years due to age.
        We don’t own our stadium and we have a below par academy and training facilities.
        You say you follow the team home and away but even with all I’ve just listed you choose to write 2 articles in a matter of days claiming he’s right!? Jesus wept 🤦🏻‍♂️

  • Sickandtired

    Everton own their own ground.
    Everton have not been relegated from the PL – let alone twice – and suffered hits to their income.
    Everton were valued at 13th most valuable brand in world football (June 2017).
    Everton’s last accounts posted a £31 million profit and a 41% revenue growth.
    Everton have doubled their commercial revenue since 2013 – ours is still below the level of when Ashley took over 12 years ago.
    How’s about that for a starting argument to this nonsense?

    • Lostprofit DBC

      Why not go and support Everton?

      • Sickandtired

        Not £400 mil. I’ll back the so called ‘experts’ in the field who consistently come up with £250 – £300 million valuation – including another one outlined in the Chron recently.

        • Lostprofit DBC

          None of it matters anyway as I don’t think he really wants to sell. If it’s 250 tops the players can’t be worth much in their expert opinion. A lot of people have it in for us.

          • Sickandtired

            I agree. The bloke won’t give this up unless someone makes it impossible to decline and that isn’t likely to happen.
            Valuing players is not really any way of valuing the club / business anyway. Maybe if he rolled us up and closed shop.

        • Dont stop bobbi fleckman

          The experts valued Nufc at £320m to £500m, that was 2016.

    • Dont stop bobbi fleckman

      To compare the last premier league figures so like for like, look at 2016 accounts. We made a £5m profit, Everton a £24m loss, we had net assets of £33m, Everton had net liabilities of £44m.

      This season in the premier league we will record a higher profit than Everton.

      The fact Everyone have not been relegated in the past makes no odds on the future, ask Hamburg!

      Everton’s commercial income was lower than ours when in the premier league, they also outsource catering to Sodexo.

      The commercial income comment does not consider the outsourced income.

  • Mike D

    Does this valuation include the so called debt to Ashley? Does his own valuation include this debt? Cos if not, there’s another £140mil or whatever on top of the asking price someone would have to cough up, pay interest on or continue to waive advertising fees to Sports Direct. He doesn’t charge himself interest but I don’t think he’d be so kind to any prospective new buyer.

    • Dont stop bobbi fleckman

      The price has been generally quoted as the shares and the loan i.e if it’s £400m, this is split by £144m for the loans and £266m for the shares.

      • Jarramag

        For a financial expert you should learn how to add up.You are a billybullshitter.

        • Dont stop bobbi fleckman

          Whoops

  • Alreet

    Whos valuation is this from? How many times have we seen values go up and down on the basis of a few bad results.

    Be honest. This is just a total guess on what you think the squad should be worth. Whereas if you look at the bigger picture and value each player at his last transfer you would see its a whole lot lower.

    How can anyone value our back line at 100 mill. If you took the massive potential value of lascelles out of the mix the defence looks more shakey than a smackheed.

    Please give context instead of generalised conjecture as in its current state the whole squad has about 170 mill to its name. Without rafa it would be 20 quid

    • Lostprofit DBC

      Just my opinion based on speculative offers etc. Defence 3 goalies worth £15 or so, 2fb @ 20m, 3cb @ 70 etc

  • TheNutJob

    I hope Fatty doesn`t spit his dummy out & flog all the players for £200m & build student flats on St James Park.
    job done
    😂😂

    • Lostprofit DBC

      Always a fear while he’s there.

  • NUFC9

    I just went through our whole squad and got a total of £260M!!

    Diame is the only one coming into the last year of contract. Total guesses for promising youngsters like Woodman and Armstrong but we got 5m for Gibson so I’ve put that as a starting point. Even squad players like Joselu/Manquillo we should get back more or less the £4-5m we paid. A lot of others that haven’t been linked with moves I’ve put down roughly what we paid (e.g. Ritchie, Gayle, Murphy, etc.). Obviously a lot of speculation and guesswork involved but I don’t think these estimates are crazy in the current market.

    They are however depreciating assets (as their contracts run down)which will be expensive to replace.

    1 Rob Elliot 3
    2 Ciaran Clark 10
    3 Paul Dummett 8
    6 Jamaal Lascelles 40
    7 Jacob Murphy 10
    8 Jonjo Shelvey 25
    9 Dwight Gayle 15
    10 Mohamed Diame 8
    11 Matt Ritchie 15
    12 Martin Dubravka 12.5
    14 Isaac Hayden 4
    17 Ayoze Perez 15
    18 Chancel Mbemba 4
    19 Javier Manquillo 4
    20 Florian Lejeune 15
    21 José Luis Sanmartín Mato aka Joselu 4
    22 DeAndre Yedlin 10
    23 Mikel Merino 15
    25 Massadio Haidara
    26 Karl Darlow 3
    27 Jesus Gamez
    30 Christian Atsu 8
    35 Dan Barlaser 0
    36 Yasin Ben El-Mhanni 0
    38 Curtis Good 0
    62 Nathan Harker
    – Henri Saivet 0
    – Rolando Aarons 0
    – Freddie Woodman 5
    – Jamie Sterry
    – Aleksandar Mitrovic 20
    – Matz Sels 2
    – Adam Armstrong 5
    – Achraf Lazaar 0
    – Stuart Findlay
    – Jack Colback 0

    • Lostprofit DBC

      Well researched and put. I wouldn’t sell Woodman as he will soon be worth a lot more. Tbh I wouldn’t sell many.

    • robbersdog

      I see that Dubravka’s price has increased by more than 300% in one week.

      That’s inflation for you!

      • NUFC9

        It’s all guess work but we got him on the cheap due to a loan to buy clause.

    • Paul Patterson

      I think you’d get more for Lascelles and Mitrovic but not £10m for Yedlin.

      • NUFC9

        Probably true. It’s all guesswork and opinion. I’ve just tried to pick reasonably sensible numbers and give a value to each player to see whether the article is making a fair point.

        Maybe we’d get 5 or 10 million more for player x and 5 million less for a couple of others but overall I think the writer’s point that the players are worth £200m is true, if not an under estimate.

    • Vodkamagpie

      All guess work, lejeune would be 25mil, shelvey and lascelles 50mil, agree with most of them, even dubravka at 12mil odd

  • Liam Hogg

    Transfermarkt have our squad of 29 valued at £149 million I’d believe them over anyone else

    • Paul Patterson

      Transfermarkt can’t be a true indication of value.. Explain Andy Carroll in 2011 or Virgil van Djik before his Liverpool transfer. If someone bid £50m for Lascelles, you wouldn’t tell the buying club he’s only work what Transfermarkt value him at..

      • Liam Hogg

        If people are thick enough to pay over the odds then let them. You really think In a normal environment Lascelles is worth 40 million.

      • Liam Hogg

        And wasn’t Carroll last day of the window hence being able to sit a silly price

      • Leazes.

        ‘Market Value’ is different from ‘Sale Price’….. for instance Liverpool bought Carroll for £35m but he was on;y valued at £12m.

    • Lostprofit DBC

      Average of about £5m per player, they are having a laugh.

      • Liam Hogg

        Would you pay 5 mil for Gayle, Joselu etc…

        • Lostprofit DBC

          If I had a Championship club yes. We have had our money’s worth off Gayle in particular, promotion had a lot to do with him.

          • Liam Hogg

            Well the championship is full of thick overrated English managers I’m sure one of them will be stupid enough to take our duds

          • Lostprofit DBC

            Yes Rafa was there when he bought him.

  • Nut

    140 million / 200 million + who knows, ultimately a player is worth what someone is willing to pay / sell at the club the same, clubs have changed hands for as little as £1 or far more.

    The fact is Ashley hasn’t actually stated how much he wants, just he wants the ‘right buyer’ thats someone who can take the club forward.

    On another note Stoke are supposedly after Dwight Gayle, maybe we should get Berahino to the bargain and offload Joselu.

    • Paul Patterson

      I’d quote them £20m.

    • Gallowgate Dave

      Why on earth would you want an unfit striker with a bad attitude who hasn’t scored a goal in over 2 years??

  • skarabrae

    The value of the squad is totally irrelevant!! Just say your correct , sell the entire squad for £200 million… guess what… you then need to replace the entire squad !!

    Wonder how much that’s going to cost??!!

    Pointless meaningless article .

    • TheNutJob

      Not much. Fatty`s been at it for 11 years, sell high buy cheap

    • Lostprofit DBC

      Surely the value of the squad is an asset that contributes to the price, along with many other things of course. Imagine if he did sell the lot and keep all the prize money and instalments coming in. Now that would be bad and relegation would rear its ugly head. He would have his £400m though.

    • Jonathan Gibson

      Its Completely relevant, if you had any buisness acumen you would understand that to obtain a company valuation there are a number of key elements to obtain, such as current assets against liabilities towards net worth formulates part of the maths to valuation taking projected turover and GP into consideration with brand strength, freehold of st james etc.
      The lad in the article is just highlighting in lehmans terms the value of the assets. i dont think ashley mortgages players (preference for outright purchase) so the asset value wont be a million miles off

      • Soldier

        it`s irrelevant in the context of his post, he`s only pointing out that a football club has to replace whenever it sells a player, Ashley tends to replace expensive one`s with journeymen.

        • Jonathan Gibson

          To be polite i disagree, we are the second youngest squad in PL behind liverpool, cant think of many if any players at nufc you would class as a journeyman?

  • Mxpx

    So our incomings and assets are worth 325 million add in merch and tickets and I could see 400 million … I suppose we don’t have expenses?

  • Soldier

    Ashley`s been asset stripping Newcastle since he bought the club, to say he may start now when he`s been doing it for over a decade is a joke

    • Lostprofit DBC

      There’s a difference between nibbling away and full scale asset stripping. I don’t think he would do the latter but you never know.

  • GlasgowMag

    This article is a feed of nonsense!! I’m no expert but how can the playing squad value be relevant in the sale value. If anything I would see the playing squad and wages as an overhead especially taking account of premiership wages/agent fees etc. What potential buyers will be looking at is how much investment they require to put into the squad to make it fit for purpose as fatboy has been underfunding this element since his tenure began. Please Steve if these 2 articles are the best you can do maybe it’s time to retire or are you just on the windup like the rest of the trolls!!!

    • Monkseaton Magpies

      Sorry to disagree and I mean that but the value of the players when bought are put in the Balance Sheet and written down over the length of the contract. However they can be revalued and this affects the sale price. Think
      with the T.V money coming in be worth at least five hundred million.

    • Lostprofit DBC

      Assets obviously contribute to the price whether human or financial. You are right about the overheads, something that people often ignore. The better the squad the less investment needed of course. He does underfund but has got lucky with Rafa. I am certainly not a troll and have retired, the article was done for fun. Something a lot of people could learn about. Maybe more should offer articles. I am just a normal bloke, certainly not an expert.

      • GlasgowMag

        Fair enough Steve in any event club has never been up for sale it’s too much of an asset for free advertising for his SD brand!! Accept my apology for the troll comment!!

        • Lostprofit DBC

          I agree and thanks.

  • Mal

    I think the author might be missing an important point. When buying a player the initial cost is spread over the period of his contract. So there are still significant costs relating to the current squad which haven’t yet been reflected in the costs. For example the recently published 2017 accounts showed that there was still £93.5 million of the then current squad to be charged over the following 4 years. Obviously I don’t know the up to date figure but I’m simply making the point that if you sold our entire squad the amount of profit would be the sales income less whatever today’s equivalent of the £93.5 million is and, as someone points out below, you would have to buy replacements.
    Having said that the quality of the squad reflects the likely progress in the future so will impact on the price as will many other intangibles such as the quality of the manager. How much does that price drop if Rafa leaves? I don’t think setting the price of a football club is quite as straightforward as for a ‘normal’ business.

    • Clarko

      It’s not that deep dude, he just thinks the squad is worth £200m.

      • TheNutJob

        😲😲
        😂😂

      • Lostprofit DBC

        You are so right.

  • TheFatController

    I got hooked in to yesterday’s article, but after this one I’m thinking:-

    Fool me once, shame on you, fool me twice…’

    So, no, sorry, on this one I won’t be provoked, I’m out.

    We’ll not be sold anytime soon. The value of the club when sold is no more relevant currently than when we may next play the Mackems. Await both eagerly and you’ll be frustrated for a few years yet.

    • Lostprofit DBC

      Get hooked in man, that’s what it’s all about. Contrary to a lot of people’s beliefs I’m just a normal fan writing for a bit of fun. My answers are not meant to be inflammatory, just common courtesy. In my time I’ve played in good teams and followed the lads home and away. I know football well, not necessarily finance as you may have gathered. More people should do articles. Over 200 comments and rising!

      • TheFatController

        But that means it’s a forum for random thoughts and not an online magazine of well-researched, well thought-out articles …?

        Which is fine, but not what I thought The Mag was about. There are forums for that holding forums.

        • Lostprofit DBC

          It is for everyone that is the point. Not just for those who think that they own it. Obviously the Editor thought my articles were well researched and thought out. I want to see a revolution of creative articles from normal people that gets the texts flowing. I’m sure the editors feel the same. Take it up with them, do an article? I’m sure you could generate interest, I say that to everyone who thinks they could do better or are better researched.

          • TheFatController

            What you see as a stimulating article I see as no different from someone criticising Allah and then priding themselves that lots of Muslims replied so ‘it must mean it’s a good piece’ (?)

            You backed Ashley’s valuation, so of course you’re going to get lots of responses. If I wrote ‘Ashley is ok actually’ of course I’d get responses too. I just don’t need that sort of stimulation in my life. Click baiting is just a low form of journalism to make money from the lowest common denominator of antagonising people’s passions / curiosity.

            That you bizarrely congratulate yourself whilst smug about the abuse you get on the back of a pro Ashley piece is a sign you need the attention more than the debate and thus I expect plenty more from you.

          • Lostprofit DBC

            Keep it simple man, it was an article to add a bit of spice. I am not pro Ashley, just happen to think that a club accepted as worth £250 to £300m, goes up in price with a top 10 finish and improved performance from the players. I accept differing opinions but will not accept unnecessary abuse, especially that mentions my parents who are no longer with us. You and others like you don’t own this site and yes, as long as the editor likes my offerings, you will hear more from me.

          • TheFatController

            You’re too sensitive. The first comment said it was sponsored by Mike Ashley and sons, I said appropriate as his mother wrote it.

            Mike Ashley’s mother. Because the comment mentioned sons. Family. Not your family. Why would I mention your family? It’s not about you, the article’s about Ashley.

            If you’re reading so much into things that you want to see abuse so you can play victim, maybe you’re in the wrong game?

          • Lostprofit DBC

            That’s not the post I am on about, it was from you. Boom, trolling etc, did Mummy and Daddy write it for you etc. Do you remember now? It’s still there if you can’t. Let’s put an end to this stupidity and start again. No hard feelings but I am certainly not what you suggested there, just someone who will stick up for himself.

          • TheFatController

            Nope, you’re someone who will stick up for Mike Ashley.

            Given you like to play victim (of abuse when people mention your mum and dad, even though they don’t know them, or you, and its on the World Wide Web so hardly ‘personal’) I’ll play victim on behalf of all the people who suffer as employees of SD, check out all the horrific stories, and him being hauled before an MP committed to explain business practices.

            You’re the one saying he’s ‘not all bad’. What an insult to those employees made miserable working for him.

            There’s no need for insulting the integrity of these people by claiming Ashley isn’t all bad. To them he is.

          • Lostprofit DBC

            My advice to you and your type is to stick to the football and end the insults.

          • TheFatController

            You are insulting people. You can say anyone is ‘not all bad’ – the nazis brought the world motorways and the VW Beetle. Credit where it’s due eh? Not all bad?

            You insult all decent people with your Ashley apologist posts.

          • Lostprofit DBC

            Stick to football….on the football front I want him gone. Anyone who takes a rational look at my articles and posts will tell you that in a football sense, he is bad for us. If there is someone out there who likes him, that is their right.

        • Lostprofit DBC

          Notice it is the most popular item, not that I see that to my credit. More an article that gets the blood boiling, some journalists would love that. Not bad for something that many don’t see as well researched. Also I’ve taken some unnecessary abuse along the way and that isn’t what this site is about either, not that it bothers me.

  • Desree

    Fatso is going nowhere. Rafa will see out his contract. Rinse and repeat.

  • Lostprofit DBC

    Time for me to sign out again. Thanks for your lively discussion and many posts, hope it’s filled a bit time in. Don’t put your club down too often, there are plenty of others out there that’ll do that. Keep the faith.