Archive for tag: Mike Ashley bankrolling Newcastle.

Ashley’s spin to win?

February 25th, 2010 | 42 Comments |

Spinderella?
Spinderella?
In another ‘exclusive’ leak from the club, apparently a ‘senior United’ source has been speaking to The Journal, revealing that Newcastle is losing around £500,000 a week at the moment. Now forgive me for doing some simple maths but that equates to roughly £25m a year, which is coincidentally what the NoTW reported over the weekend as per an earlier article on here.

Which begs the question, is that because there’s some truth in it or is it because Mr Edwards has just rehashed the same thread? As they state in the article, The Journal wrote before Christmas that Ashley was loaning the club £20m cover running costs, following the drop in revenue and the limit on cutbacks to wages, which has enabled Hughton to maintain a decent squad.

Some fairly erudite contributors to this site have estimated that rather than struggling to breakeven, Ashley might even be turning a small profit, with the increase in crowds. And these are the people who aren’t necessarily ‘anti-Ashley’ as it were. Yet the feed from the club is, hardly surprisingly, somewhat different. (more…)