Archive for tag: Mike Ashley – facts and myths.

Mike Ashley – Sorting the facts from the myths, including that debt…

September 8th, 2011 | 68 Comments |

Ashley: May be fat, but not a “Cockney”
Ashley: May be fat, but not a “Cockney”
Has Mike Ashley reduced Newcastle United’s debt?

Hmmm.

Well, it has been several months since Newcastle United published their last set of audited accounts at Companies House (March 2011), and that was for 2009/10. However, at that time it did appear as if the debt had actually risen significantly, though it is hard to deny that the the club are in a somewhat less perilous position finacially since Mike Ashley took over the club from the gruesome twosome, Freddy Shepherd and Douglas Hall.

In June 2007 when Ashley finally gained full control of the club, it looked as if the club was £71 million in debt, however, after Ashley’s takeover, it became apparent that the mortgage on the ground had to be paid off, and the level of debt was actually £124 million. More details are available from the site NUFC Finances site.

In the last published set of accounts, published in March 2011 (for 2009/10), they revealed that the club’s net debt at that time stood at around £150 million, most of this figure being owed to a certain Mr.MJW.Ashley of  Totteridge, Hertfordshire. It also revealed that despite a slightly misleading statement by Newcastle United in May 2010 which read: (more…)