Llambias and Ashley the "Saviour".Newcastle United’s Managing Director, Derek Llambias has hit back at what he described as “a small and very negative group” who “insist on chanting ugly and abusive comments” directed at the club’s Southern owner, Mike Ashley. He also added that “If it wasn’t for Mike’s continued input, we would be in a similar position to Portsmouth.” Of course, Portsmouth are a club who are currently under Administration, and have even faced the threat of complete extinction in recent weeks.
Indeed, Newcastle United did find themselves in a very difficult financial situation after years of financial mismanagement and misappropriation of funds by previous chairmen, Sir John Hall and Freddy Shepherd, with the situation coming to a head when Ashley found over £100 million of hidden debt after taking over the club without performing adequate “Due Diligence” on the club’s accounts. (more…)
