Mike Ashley: Stick or twist? (pic by Paul Hutchinson)Now the transfer window is firmly shut and we know what sort of players we have to work with until the end of season, owner Mike Ashley’s plans have become much clearer… or have they? I’d like to focus on the Newcastle United part of Mike Ashley’s business empire, rather than his other companies, some of which have recently featured in a BBC documentary.
Mike Ashley’s tenure on Tyneside has been a troubled one to say the least. Seemingly riding into The Toon like a knight in shining armour, the billionaire investor the club needed to get us challenging towards the top of the Premier League. Unfortunately this didn’t happen, reports came out that Ashley never bothered to even glance at the clubs finances before signing up to buy the club. A look at the books would have revealed just exactly where the clubs finances were, and if it was feasable for him to conclude the purchase.
Not a great start then, and something that is arguably still having a knock on effect even now as the Sports Direct owner still wrestles to balance the books. Some will say fair play to him, he put his own money in to make the club more sustainable, and to correct his mistake. Others will say that it’s his mistake for not looking through the books first, a schoolboy error on his part and he, rightly, should cover the cost of his own mistake. (more…)
Fan ownership campaign startsThe Newcastle United Supporters Trust (NUST) has launched its ‘Yes We Can’ campaign, which aims to raise enough funds to finance a fan buy out of the club.
The NUST’s plan, which has been dubbed ‘Barcelona on the Tyne’ by the financial community, aims to democratise the club and ensure that the ‘current situation at Newcastle United does not repeat itself’ (NUST’s words).
Fans will be able to invest in the club via a number of ‘financial opportunities’ and the money will be held in Escrow by local solicitors to provide proof of funds to Mike Ashley.
Fan ownership is of course popular on the continent, perhaps most notably at places like Barcelona and Real Madrid. At Barcelona fans pay £139/year to acquire ‘socio status’ and for that you get the right to buy the best season tickets and take part in the club’s decision-making process. There are about 172,000 ‘socios’ whose fees raise approximately £24m/year before selling any season tickets, television rights, merchandise etc. (more…)
Open to offersAccording to the Mirror, Newcastle United legend Alan Shearer is available to manage other clubs with immediate effect.
Shearer was of course pointedly ignored for the Toon job despite his 8-week temporary appointment being called “the best decision I ever made” by Ashley. Even then though, Shearer was still in with a chance as it was widely believed that Barry Moat favoured him as manager if he had succeeded in buying the club.
However, just as Moat was nearing some sort of deal to buy Newcastle United, Ashley pulled the club off the market, appointed Chris Hughton as manager until the end of the 2011 season and that was the end of Shearer’s chances of managing the club for the immediate future.
Last month, Shearer claimed he was ‘open to offers’ from other clubs but the Mirror seems to be claiming that he’s now going to take a more active role in pursuing a new job. (more…)
