Ashley Inherited £100M Newcastle Debt – So What!

Mike Ashley seems to be loving life as the new owner and budding number one fan of Newcastle United, whom he bought fairly quickly in June.

If we look back at the state of the club at the end of last season, what transpired in the summer is something every Newcastle fan might have dreamed up.

A new manager of the caliber and proven record of Sam Allardyce and a new billionaire owner, who was English and wanted to take Newcastle right back to the top.

That’s essentially what has happened at the club and it’s very exciting right now – to say the least.


Billionaire owner Mike Ashley – in his new business attire

Also Mike Ashley seems determined to get the vast Newcastle support base on his side and improve things at St James’s Park. On Monday evening, every Newcastle fan entering the ground before 7.15pm was invited to partake in a free drink. Those who took up the offer were able to toast the club’s best start to a home campaign in a full 12 years.

Mike Ashley always seems to enjoy the Newcastle games, and he’s just like any other fan with his black and white striped shirt on. But Mike talked on Monday about the debt he inherited at Newcastle when he bought the club. It was £100M which was about £30M more than he expected it to be, but Mike said the speed of the purchase meant he didn’t have full time to do all the due diligence really necessary.

“There was no time to do the usual due diligence on the deal because I had to move so quickly.”

“So I paid £140M for the club with the expectation that there was a debt of £70M. Actually it was around £100M so there was suddenly an extra £30M to find. But I just thought: ‘Shut up about it’. I’m a big boy and I didn’t cry.”

“To me the real issue was this: Was the debt bigger than I thought? Yes. Would I have changed my mind if I’d known the full extent of the debt? Not one iota.”

That’s really nice to hear from the owner who seems to have embraced the great passion surrounding the famous club. Mike went on:

“It might have been a different story if I had needed to go to the bank to borrow the money but I didn’t.”

“I have my own money and anyway, I tend to live by the saying you can’t take it with you.”

There have been stories about Mike possibly selling Newcastle, but he has said that’s not what he bought the club for. Indeed he must be pleased that so many others want to now buy Newcastle, because it shows what a good purchase it was by the Billionaire.

But Mike’s got his feet firmly on the ground and has made a great impression with the fans. He wants Newcastle to go onward and upward. Mike’s already said a strategic move is to buy a trophy cabinet so we’ve got somewhere to store that silverware. That seems like an inspired purchase, and of course excellent strategy. 😀

Comments very welcome.

18 comments so far

  • indian toon

    Oct 24, 2007 at 11:09 AM

    Comment #1

    great going mr mike ashley. we are all with you.. howay the lads..

  • Toon Chicken

    Oct 24, 2007 at 11:22 AM

    Comment #2

    Mike Ashley is fast becoming a living legend.

    What a refreshing change from Freddie “let’s rinse the fans for all they’ve got” Shepherd.

  • ssdd

    Oct 24, 2007 at 11:33 AM

    Comment #3

    luckily someone really bought the club up and clear the debt ..=)

    anyway, do anyone know who is the guy sitting beside Ashley at Tottenham game.
    he was in Tottenham jersey. Mike’s brother?

  • Jason

    Oct 24, 2007 at 11:42 AM

    Comment #4

    It was his best mate, he is the Spurs chairman who is due to resign at the end of the year. Forgot his name

    Ashely had a £100,000 bet that he didn’t have the testicule fortatude to wear his Spurs top to the game inturn he bet Ashley that the Spurs would win, the same ammount.

    £200,000 going to a cancer charity.

    Cracking atmosphere on Monday night also….free drinks… the ground b4 KO….like the good old days in the Gallowgate ( THE SCOREBOARD!!!!)

  • Alex Brett

    Oct 24, 2007 at 11:45 AM

    Comment #5

    ssdd he is Mike Ashleys best pal and Mike bet him £100,000 to wear his Tottenham kit but also the same bet on the result all money went to charity!! that guy used to be vice chairman of Spurs but has since left to pursue business ties in USA

  • bowsie

    Oct 24, 2007 at 11:47 AM

    Comment #6

    I will love Ashley more when he spends 2 Billion of his cash on Kaka.

  • Bob

    Oct 24, 2007 at 11:47 AM

    Comment #7

    Paul Kelmsley, I think……. ex-Spurs director or something.

  • Bob

    Oct 24, 2007 at 11:48 AM

    Comment #8

    * Paul Kemsley, ex-Spurs vice chairman.

  • Craig Allen

    Oct 24, 2007 at 11:50 AM

    Comment #9

    Yeah a definite refreshing change in attitude from Freddie “you are all my sheep” Shephard to Mike “drinks on me” Ashley.
    Looked like a brother – they looked so alike ‘cept for the beard. Wonder if Ashley’s grinning had anything to do with taking digs at spurs performance at the expense of his brother – sure was good to see him enjoying himself this much. Did everyone get a voucher?

  • Craig Allen

    Oct 24, 2007 at 11:52 AM

    Comment #10

    ah ok – so the Paul’s 100k poorer and looked out of place in the nufc stand – I suspect Ashley was enjoying every minute of the bet, lol

  • ssdd

    Oct 24, 2007 at 11:54 AM

    Comment #11

    bowsie- not agree with you, kaka wont come here and 2 billion is too much just for a player. expect Mike to splash the money on the scouting system to find new kaka. =)

  • Hammy

    Oct 24, 2007 at 12:36 PM

    Comment #12

    Mike, exactly, you can’t take it with you so please send £2 million in used £20’s to:

    Penthouse Suite,
    Wynyard Hall,
    County Durham,
    DH10 5JT.


  • michael

    Oct 24, 2007 at 1:03 PM

    Comment #13

    Loads of cash in Janurary then?

  • leo

    Oct 24, 2007 at 1:55 PM

    Comment #14

    hammy that aint really your address is it? i wudnt put my address on hear. lol.

    yeah pay millions on a strong scouting network and get the next big thing.

    i love reading mike ashley quotes, and great to see that he can have a laff at the expense of spurs.

    i got a drinks voucher even though i got their at 7.20. and my rents did they tell me when they got their with only 20mins till kickoff

    also i car sticker on the seats

    what does everyone think of the new big sports advertisement on the top of the stands? highly amusing i think

    well mike ashley if you take hammy up on his request, i live in beckingham palace

    and if your still interested in charity cases, there is the mackams up the road, hahaha

  • Kein

    Oct 24, 2007 at 1:57 PM

    Comment #15

    Maybe that mystery guy was Mike’s lover..? 🙂

  • Hammy

    Oct 24, 2007 at 2:06 PM

    Comment #16

    Leo, that’s my U.K address, I spend a lot of time in Florida Keys with 5 gorgeous birds…….I often ring Big Sam and tell him who to buy and who to get rid of……I am also full of shit.

  • leo

    Oct 24, 2007 at 2:08 PM

    Comment #17

    hahaha, that would be a good dream. living in florida with 5 geordie birds, let them soak up the heat, we all know wor lasses are the best

  • Tripp

    Oct 25, 2007 at 7:51 AM

    Comment #18

    Flordia’s too bloody hot hammy, and the cockroaches would eat your birds the first time you took ’em out at night. The west coast is a bit nicer (though a bit of it is on fire at the moment). Take ’em there. 😉


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