Kevin Keegan will still be able to spend and bring in new players, despite the financial mess Freddy Shepherd and his cohorts left behind at the club.
Kevin Keegan – Ashley supporting his manager in transfer market
Mike Ashley has revealed that the club still owes some Â£27M on past transfer deals, with most of those players having already left the club.
Newcastle paid out big money, and often poor deals on the likes of Albert Luque, Jean-Alain Boumsong, Michael Owen, Obafemi Martins, and Emre in the two seasons before Mike Ashley bought the St Jamesâ€™ Park club.
And Mike said over the weekend in a long interview:
â€œOne of the most unfortunate things about the clubâ€™s finances was the amount of money still owed on players signed in comparison to the amount of income due off players who had gone.â€
â€œThere is still Â£27M net to pay on transfers done before I came.â€Â Â â€œIn the latter years before we came in you could argue the club was beginning to lose its way.â€
“Financially, the club was in a difficult position. I really think it had over-extended itself.â€
Ashley has now put more than Â£250M into the club since heâ€™s been in charge, and thatâ€™s almost twice what he initially paid for the club â€“ Â£133M.
But Mike also knows that the club has to press ahead under new manager Kevin Keegan, and the fans now expect 3 signings before next Sunday, with Argentine Fabricio Coloccini probably being announced today.
But you really cannot run a club the way Shepherd did and become successful â€“ it was all smoke and mirrors with Freddy. Maybe you can run a scrap metal business like that, but certainly not a football club.
At least Mike is putting the club on a strong financial footing, and that only bodes well for the future success of Newcastle, which we still think is just around the corner under Kevin Keegan.