Jimbo 133 Posted March 21, 2009 Share Posted March 21, 2009 NEWCASTLE face financial meltdown if they drop into the Championship — because they have made NO provision for relegation in top stars’ contracts. Rivals Sunderland will slash their wage bill by 40 per cent if they end the season in the bottom three. But Sport of the World has learned that top earners like Oba Martins and Damien Duff have deals that will see their £3million-a-year deals hold firm. Jose Enrique, Alan Smith and Fabricio Coloccini are also on £2.5m-a-year contracts. Those salaries would cripple the club and could lead to a firesale if the Magpies do get relegated. Michael Owen, dropped for yesterday’s clash with Arsenal and upset at the decision, will also walk away. City sources believe the club’s value will be halved to around £125m if they crash out of the Premier League. Meanwhile, owner Mike Ashley has assured staff that Joe Kinnear will be back at the club next month. Link to comment Share on other sites More sharing options...
Andrew 4257 Posted March 21, 2009 Share Posted March 21, 2009 like our "stars" will stick around if we go down anyway Link to comment Share on other sites More sharing options...
Ally 0 Posted March 21, 2009 Share Posted March 21, 2009 Apart from Martins i'd be happy if any of that lot named fucked off. Link to comment Share on other sites More sharing options...
Matt 0 Posted March 21, 2009 Share Posted March 21, 2009 Michael Owen, dropped for yesterday’s clash with Arsenal and upset at the decision, will also walk away. City sources believe the club’s value will be halved to around £125m if they crash out of the Premier League. The equity in the club is worthless. The best Ashley could hope for is getting something back on the amount on-loaned after the acquisition. He has to face the reality that he massively overpaid in 2007. Link to comment Share on other sites More sharing options...
Nyff 0 Posted March 21, 2009 Share Posted March 21, 2009 Bring through the youth! I will only truley be sad if my dearest sweets Kazenga LuaLua and Nile Ranger end up leaving. At the first hint of Ranger leaving I plan to spam his facebook :> Link to comment Share on other sites More sharing options...
Sir Bob Almighty! 0 Posted March 22, 2009 Share Posted March 22, 2009 Get in! we might keep Duff...... Link to comment Share on other sites More sharing options...
JawD 31 Posted March 22, 2009 Share Posted March 22, 2009 NEWCASTLE face financial meltdown if they drop into the Championship — because they have made NO provision for relegation in top stars’ contracts. Rivals Sunderland will slash their wage bill by 40 per cent if they end the season in the bottom three. But Sport of the World has learned that top earners like Oba Martins and Damien Duff have deals that will see their £3million-a-year deals hold firm. Jose Enrique, Alan Smith and Fabricio Coloccini are also on £2.5m-a-year contracts. Those salaries would cripple the club and could lead to a firesale if the Magpies do get relegated. Michael Owen, dropped for yesterday’s clash with Arsenal and upset at the decision, will also walk away. City sources believe the club’s value will be halved to around £125m if they crash out of the Premier League. Meanwhile, owner Mike Ashley has assured staff that Joe Kinnear will be back at the club next month. Aye, every fucking cloud eh.... Link to comment Share on other sites More sharing options...
TheMoog 0 Posted March 22, 2009 Share Posted March 22, 2009 NEWCASTLE face financial meltdown if they drop into the Championship — because they have made NO provision for relegation in top stars’ contracts. Rivals Sunderland will slash their wage bill by 40 per cent if they end the season in the bottom three. But Sport of the World has learned that top earners like Oba Martins and Damien Duff have deals that will see their £3million-a-year deals hold firm. Jose Enrique, Alan Smith and Fabricio Coloccini are also on £2.5m-a-year contracts. Those salaries would cripple the club and could lead to a firesale if the Magpies do get relegated. Michael Owen, dropped for yesterday’s clash with Arsenal and upset at the decision, will also walk away. City sources believe the club’s value will be halved to around £125m if they crash out of the Premier League. Meanwhile, owner Mike Ashley has assured staff that Joe Kinnear will be back at the club next month. Aye, every fucking cloud eh.... That's what I was thinking... hurrah Link to comment Share on other sites More sharing options...
1892 0 Posted March 22, 2009 Share Posted March 22, 2009 I've heard we could be going into administration, albeit it's a rumour. Link to comment Share on other sites More sharing options...
Matt 0 Posted March 22, 2009 Share Posted March 22, 2009 (edited) I've heard we could be going into administration, albeit it's a rumour. And that's all it will be. Administration only occurs when a company cannot pay its creditors as they fall due. Mike Ashley is our main creditor and 100% owner, so he would effectively be giving someone else the power to sell the club on an emergency basis in order to repay what he is owed. Edited March 22, 2009 by Matt Link to comment Share on other sites More sharing options...
Tom 13897 Posted March 22, 2009 Share Posted March 22, 2009 I've heard we could be going into administration, albeit it's a rumour. It's utter bollocks man. We owe Mike Ashley, that is all. I would wager that we are one of the most debt free teams and that we probably bring in the 3rd or 4th highest gate receipts. Link to comment Share on other sites More sharing options...
Fop 1 Posted March 22, 2009 Share Posted March 22, 2009 Michael Owen, dropped for yesterday’s clash with Arsenal and upset at the decision, will also walk away. City sources believe the club’s value will be halved to around £125m if they crash out of the Premier League. The equity in the club is worthless. The best Ashley could hope for is getting something back on the amount on-loaned after the acquisition. He has to face the reality that he massively overpaid in 2007. Well I don't know that he necessarily did at around £250m in total, back then, for what we were (he was clearly an idiot for not realising the debt we had though). His big mistake was the greed of not selling us on at cost (which I expect he might have done pre-credit crunch) and instead gambled on a massive pay off (£100-200m). That mistake may well cost him a lot (maybe as much as his entire £250m), but it's going to cost NUFC an awful lot more, maybe everything. Link to comment Share on other sites More sharing options...
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