Happier timesSome news agencies are reporting that Kevin Keegan’s payout could force Newcastle into administration (see here for example).
What they are saying is that ‘some at the club‘ (who?) fear that a potential £9m payout to Keegan will break the club and send it into administration. They go on to point out that we will be penalised 10 points as a result.
I must admit I find it hard to believe that £9m would send the club into administration given that we’ve saved £35m/year on wages and sold players to the tune of £22m in the last few months. I know we’re struggling and that £9m is no insignificant amount when taken in the context of things like our working overdraft with Barclays but it still seems unlikely to me.
Llambias has previously denied that administration is even a remote possibility and … hang on, virtually everything he says turns out to be untrue. Ah, so much for that line of thinking! (more…)
Both good and bad?When Mike Ashley rode into toon he took the Freddy Shepherd Gang by surprise. Shepherd claims he was ambushed while he lay incapacitated on a hospital bed and before we knew it rumour quickly became fact and Ashley had bought Newcastle United, not exactly with a suitcase full of money but without any of the this due diligence nonsense that troubles most businessmen.
Thus began a new era in the club’s history and it’s one that has managed to divide fans almost throughout. The partisan divisions – often drawn along the lines of Ashley v Keegan – are, in my opinion, unnecessary. I believe it’s perfectly possible for a person to do some good things and some bad things and I don’t believe Mike Ashley is any different in that respect. With rumours once more circulating about the sale saga nearing a close I wanted to try and take a balanced view of Ashley’s time at Newcastle.
One of the main things I thank Mike Ashley for is prising the club away from Freddy Shepherd. I’ve heard arguments suggesting that we wouldn’t have been relegated if Shepherd had remained in charge and maybe that’s true, but I believe the club would have been in dire straits financially. (more…)
Edging close perhapsReports in The Mail and The Mirror are suggesting that Newcastle United may be sold by the end of this week. We’ve heard it all before of course but one of the newspapers will get it right one day and maybe it’s today.
Last week Newcastle issued a statement saying that Ashley’s £100m asking price has been met and all deals were now at the ‘sale and purchase stage‘ and apparently senior staff at the club have been told to brace themselves for ‘a big week‘ this week.
It was speculated that the sticking point was the loan facility with Barclays, so presumably – if a sale is imminent – that has now been sorted out and Barry Moat is in a position to take over the club.
If Moat takes over it is of course widely thought that Alan Shearer will be appointed as manager, although whether or not that’s a good idea still divides fans. At a function last week Shearer was indicating that he would not wait for Newcastle forever and was prepared to consider managing another club, but if the takeover is as close as the newspapers are suggesting it looks like Shearer won’t have to do that. (more…)
Damning emails?It’s the News of the World, so don’t take it too seriously, but they claim that Keegan has a bunch of emails that will prove Mike Ashley made his position untenable and he was therefore constructively dismissed.
‘Sources close to Keegan’ (hmm) claim that the emails will blow Ashley’s case out of the water. One such source said:
“There are emails people have never seen. If the truth comes out about what went on, then Ashley and Wise will be decimated. The last thing Kevin wanted to do was walk out but his position was impossible.”
The article then goes on to claim that all parties in the tribunal have signed a declaration stating that they will not leak information, although that doesn’t seem to have prevented the leaked information that somehow seems to have found its way to the News of the World. (more…)
Get out of this toonAccording to a statement the club made to The Journal, Ashley’s £100m asking price has been met and ‘all parties are at the sale and purchase stage‘, which sounds a bit different to any parties I’ve been to.
The Journal then goes on to speculate that it could still be some time before the takeover situation is resolved and they quote ‘sources’ who say the club has just renegotiated a £25m overdraft with Barclays, reduced from last seasons £39m facility.
The Journal further speculates that Barry Moat is behind the £100m offer but that Barclays are not prepared to offer him the same £25m overdraft facility they’ll offer to Ashley.
‘Sources’ have apparently also confirmed that 2 overseas parties are also still interested in the club and have progressed beyond the due diligence phase, although they haven’t yet made formal offers.
So what can we make of this? I suspect our decent start to the season has encouraged Ashley to think about the possibilities of promotion. If he hangs onto the club and we do get promoted, he’ll probably be able to at least double his asking price. Although he’ll be taking a risk in doing that – we might not get promoted and the club may then be worth less than it is now and his potential buyers might have disappeared. (more…)
