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So Ashley hasnt put any money in?


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Newcastle United will this year recoup up to and above £10m from the past sales of some of its big-name players, but it has all been pledged to the bank.

 

On 30 June last year, Newcastle's balance sheet showed their overdraft at Barclays Bank had leapt from less than £13m in 2008 to a whopping £47.87m by the end of their 2008-09 relegation season. Few lenders would be prepared to sustain this level of unsecured exposure to a Championship club and it appears Barclays took steps to reduce it.

 

The following day, 1 July, a mortgage was registered assigning St James' Park, the club's training ground and academy centre to the bank, as well as all their intellectual property such as brand names and even Newcastle's "trade secrets", whatever they may be.

 

In October Newcastle went further, with a secured loan that charged a number of deferred transfer-fee receipts, and this is what will really affect the club's cashflow. Among the items hocked is a £3,983,333 payment due from Aston Villa for James Milner on 29 August this year and two €1.68m (£1.4m) instalments from Wolfsburg for Obafemi Martins, the first on 31 August this year and the other a year later.

 

Newcastle would already have received £3.25m from Wigan Athletic for Charles N'Zogbia in January this year and another €950,000 (£796,500) for David Rozehnal from Lazio. It means Newcastle have borrowed against a total of £10.8m in transfer fees between this January and next August, ensuring the pain of relegation endures even after promotion back to the Premier League.

 

 

So ashley has borrowed against pretty much everything at the club and not used his own money as they said?!?!

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Newcastle United will this year recoup up to and above £10m from the past sales of some of its big-name players, but it has all been pledged to the bank.

 

On 30 June last year, Newcastle's balance sheet showed their overdraft at Barclays Bank had leapt from less than £13m in 2008 to a whopping £47.87m by the end of their 2008-09 relegation season. Few lenders would be prepared to sustain this level of unsecured exposure to a Championship club and it appears Barclays took steps to reduce it.

 

The following day, 1 July, a mortgage was registered assigning St James' Park, the club's training ground and academy centre to the bank, as well as all their intellectual property such as brand names and even Newcastle's "trade secrets", whatever they may be.

 

In October Newcastle went further, with a secured loan that charged a number of deferred transfer-fee receipts, and this is what will really affect the club's cashflow. Among the items hocked is a £3,983,333 payment due from Aston Villa for James Milner on 29 August this year and two €1.68m (£1.4m) instalments from Wolfsburg for Obafemi Martins, the first on 31 August this year and the other a year later.

 

Newcastle would already have received £3.25m from Wigan Athletic for Charles N'Zogbia in January this year and another €950,000 (£796,500) for David Rozehnal from Lazio. It means Newcastle have borrowed against a total of £10.8m in transfer fees between this January and next August, ensuring the pain of relegation endures even after promotion back to the Premier League.

 

 

So ashley has borrowed against pretty much everything at the club and not used his own money as they said?!?!

 

Need HF to ans this one me thinks.

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Need HF to ans this one me thinks.

 

Whether or not the article is accurate, £47.87m is about two fifths of what loans Ashley has made to the club that remain outstanding.

 

There's plenty to criticise him for without outlandish claims that he's spent nowt. I'd criticise him for having spent too much. It shouldn't have come to this.

 

Imagine what Keegan could have done with £47.87m

Edited by Happy Face
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This was in the Guardian was it not?

 

Trying to win favour with the Tyneside based readers they pissed off with the Cole article?

 

Its going to take a whole lot more than some shoddy accounting investigation telling us what we already know (ie that Ashley is useless) to win me over ;)

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