Jimbo 133 Posted July 28, 2009 Share Posted July 28, 2009 Mike Ashley remains optimistic about selling Newcastle United by the end of the summer and will resist the temptation to place the troubled Championship club in administration. Although Newcastle's owner is unpredictable and, in the football sphere at least, has a track record of about-faces, a source close to the club said administration was "the last thing" on Ashley's mind. Indeed two "very serious" potential buyers are understood to have virtually completed exhaustive due diligence on Newcastle and would be in a position to seal a takeover in around two weeks were they to decide to proceed. With Keith Harris, the executive chairman of the investment bank Seymour Pierce and the man brokering the sale, having now returned from a short break there are no obstacles to a speedy conclusion of the matter. Ashley's problem, though, is that bidders have had second thoughts after realising the scale of the challenge they would be shouldering at St James' Park. While Newcastle offers immense potential it is currently football's answer to a once stately home gone to rack and ruin which will prove extremely costly, difficult and potentially emotionally draining to restore. Right now Ashley's prospective successors are weighing up the benefits of possibly huge long-term gains against considerable short- and medium-term pain. Immediate pitfalls include the annual player wage bill, currently around £65m and far too high for a Championship club, the £40m overdraft, Kevin Keegan's outstanding constructive dismissal claim which could cost new owners as much as £8m to resolve, a £1m demand from former deputy chairman Douglas Hall and the sum of around £20,000 a week currently payable to ex-director of football Dennis Wise under the terms of his severance agreement. Ashley, who has invested around £250m in Newcastle including a £100m interest-free loan, is asking £100m for the club and continues to hold out for a sum close to that asking price. Were he to place Newcastle in administration – in which case the Football League would immediately impose a 10-point deduction on the team – Ashley would be the principal creditor. Although his losses at St James' Park could potentially reduce the multimillionaire sports goods magnate's overall tax bill, the source stressed he remains committed to recouping some of his investment by finding a buyer. Even so, if one does not materialise by autumn Ashley – who has currently placed an embargo on all transfer activity in the hope a take-over is completed before the end of August – will be forced to increase his investment on Tyneside by appointing a manager. One consortium who will not be moving into St James' Park is the Profitable Group. The Singapore based investment company was never regarded as a serious contender by either Seymour Pierce or Ashley but nonetheless, Steve McMahon, its commercial director, expressed his disgust with Newcastle yesterday. Explaining that the Profitable Group had ended its interest in buying the club due to a lack of "communication and response" from Ashley, McMahon's words proved as hard hitting as some of the tackles the former Liverpool and England midfielder once inflicted on opponents. "We have pulled out, how long can you hang on?," said McMahon. "We put in a bid two weeks ago and we have had no communications, no response, nothing. It really is poor form from Newcastle. I just feel sorry for the supporters up there. They deserve much, much better. They deserve to know what is going on." Newcastle, still under the caretaker charge of Chris Hughton, are next at home to Leeds United in a pre-season friendly expected to attract one of St James' Park's paltriest crowds in recent years. Link to comment Share on other sites More sharing options...
Craig 6287 Posted July 28, 2009 Share Posted July 28, 2009 Fuck off you fat greedy cunt... I don't believe a word you say Link to comment Share on other sites More sharing options...
Angelus71 4 Posted July 28, 2009 Share Posted July 28, 2009 Mike Ashley remains optimistic about selling Newcastle United by the end of the summer Funking hell, we've gone from being sold at the end of the week, to now being sold at the end of Summer! How much funking longer do we have to suffer with that fat funkers incompetence? Link to comment Share on other sites More sharing options...
Kitman 2188 Posted July 29, 2009 Share Posted July 29, 2009 blah blah blah Link to comment Share on other sites More sharing options...
Monkeys Fist 38559 Posted July 29, 2009 Share Posted July 29, 2009 Still paying Wise £20,000 a week! Fucking odious little wankstain. Link to comment Share on other sites More sharing options...
2bias 3 Posted July 29, 2009 Share Posted July 29, 2009 bored of all this now. anyone else Link to comment Share on other sites More sharing options...
sammynb 2929 Posted July 29, 2009 Share Posted July 29, 2009 bored of all this now. anyone else Welcome to Christmas 2008! Link to comment Share on other sites More sharing options...
wykikitoon 16496 Posted July 29, 2009 Share Posted July 29, 2009 Fuck off you fat greedy cunt... I don't believe a word you say +1 Link to comment Share on other sites More sharing options...
The Fish 8949 Posted July 29, 2009 Share Posted July 29, 2009 Fuck off you fat greedy cunt... I don't believe a word you say +1 But he hasn't said anything? In this piece or for about a month to be honest... Link to comment Share on other sites More sharing options...
Renton 17618 Posted July 29, 2009 Share Posted July 29, 2009 Phew! Glad everything is going to be OK now. Link to comment Share on other sites More sharing options...
Guest alex Posted July 29, 2009 Share Posted July 29, 2009 That poisonous dog must have penned that. It has her awful writing style literally written all over it. Link to comment Share on other sites More sharing options...
Stephen 0 Posted July 29, 2009 Share Posted July 29, 2009 Sigh. Link to comment Share on other sites More sharing options...
trophyshy 6432 Posted July 29, 2009 Share Posted July 29, 2009 Ashley still owner in 2010. Link to comment Share on other sites More sharing options...
Park Life 70 Posted July 29, 2009 Share Posted July 29, 2009 Ashley still owner in 2020. FUYP. Link to comment Share on other sites More sharing options...
TheMoog 0 Posted July 29, 2009 Share Posted July 29, 2009 Ashley still owner in 2020. FUYP. Don't be daft, there won't be a NUFC to own in 2020 Link to comment Share on other sites More sharing options...
trophyshy 6432 Posted July 29, 2009 Share Posted July 29, 2009 (edited) You might be stuck with that cock in your seat forever AP. Actually, to be fair, at the administration/liquidation/Ashley's done a bunk press conference I think you should be relieved. Edited July 29, 2009 by trophyshy Link to comment Share on other sites More sharing options...
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