Every Penny Available for Transfers

Over and over again, Mike Ashley and his representatives at Newcastle United use the same line about not taking a penny out of the club, and has specifically stated that this includes repayments of borrowings.  In truth Mike Ashley has been repaid £44m of his loans since 2012 in addition to other streams of value such as free advertising, merchandise contracts and property sales.

October 2019
An official NUFC statement in response to criticism of Mike Ashley from Jeremy Corbyn concedes loan repayments have been made and that (very specifically) the owner has not taken a penny in interest, salary or dividend, ignoring the value he’s taken in free advertising, merchandising and property sales:

“Financially, other than sums provided to the club on a short-term, interest-free basis and​ ​repaid to​ ​him as intended, we would like to make it clear that Mike Ashley has not taken a​ ​penny out of​ ​Newcastle United in interest, salary or dividend, as is customary at many clubs.  As stated on numerous occasions before, every penny Newcastle United has will continue to​ ​be​ ​available to it.” – Source

August 2019
Lee Charnley matchday programme notes

“I have to stress that every penny we make really does go into making this club better.  That principal has been debated and questioned, but we are audited independently and have to provide regular financial information and updates to the Premier League so there is no hiding place.” – Source

July 2019
In a Daily Mail interview Mike Ashley claims he takes no loan repayments, contradicting the club accounts referenced below.

“I could say to Lee Charnley, our managing director, I’ll have £10m, £12m. But a good custodian will make every penny count. No interest, no repayments.  So in that way I’m a good custodianSource

April 2019

Accounts to 30 June 2018, reveal that Mike Ashley prioritised a £33m loan repayment to himself over funding the transfers or training ground improvements Rafa Benitez wanted

“Subsequent to the Statement of financial position date, and consistent with the Group’s previously stated policy of repaying short term borrowing, £33m was repaid to Mr MJW Ashley and companies under his control” – Source

September 2018
In the fans forum the club confirm Mike Ashley has received a loan repayment of some amount and all “short term” loans will be repaid by the end of the financial year.

“By the end of the financial year we aim to pay back what is owed, in terms of short term funding, to whomever it is owed. The amount owed to the owner was disclosed in last accounts and the figure is currently less than that.” – Source

May 2018

Mike Ashley statement

Rafa, as always, has my full support, and contrary to some media reports that portray me as a pantomime villain, I will continue to ensure that every penny generated by the club is available to him.” – Source

August 2017

Mike Ashley interview

You’ve mentioned you can’t take on a country like that, I don’t want to ask you how much money you’re giving Rafa Benitez..
MA: Not enough. Sorry to interrupt, but it’s not enough. Very simple. It’s not enough. And Rafa knows that, it’s not enough, it’s not a secret. Every penny the club generates he can have, but it doesn’t generate enough. It’s Newcastle United, it doesn’t have a £40m a year stadium naming rights deal, it doesn’t. I don’t want the fans to watch this interview and think: ‘Great, Rafa’s getting £150m in the morning.’ He’s not. With Lee Charnley’s help, and Lee answers to Rafa by the way, not the other way around, let’s be crystal clear, Rafa makes all the final decisions on players out, players in, but he has to do it with the money the club have. I have put my £250m in the football club, guys, that’s it, there is no more from me, now the club has to generate its own money. – Source

May 2017

Mike Ashley statement

“I’ve confirmed to Rafa and Lee that they can have every last penny that the club generates through promotion, player sales and other means in order to build for next season.” – Source

April 2013

Accounts to 30 June 2012, reveal that Mike Ashley prioritised an £11m loan repayment to himself over funding transfers

“Mr MJW Ashley also continued to provide loan facilities to the Group during the year.  The total balance outstanding at 30 June 2012 was £129 million (2011 – £140 million)” – Source

February 2011

Derek Llambias, after the sale of Andy Carroll

“Mike Ashley has only ever put money into this football club; he has never taken a single penny out.  And he won’t take a single penny of this £35 million either – all the money will go to the club and we are already working on identifying transfer targets for the summer.” – Source 

September 2011

Derek Llambias in a Chronicle interview

“We said that not a penny would be taken out of the club and that is exactly what we have done.” – Source

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