It certainly seems that most of the big Premier league clubs will soon be in foreign hands.
While it would be good if we had some Geordie Billionaires to buy the club, it seems there are not too many of them around, and it’s a certainty that Newcastle will be sold to foreign owners.
Mike Ashley was one of the few English billionaires who was interested in buying a club, but Mike wanted to restrict his investment each year to £20M. That wouldn’t have been too bad, but the found the club in more debt than he realized, after failing to do the normal due diligence and had to pump £100M in, to reduce that debt.
It seems like that curtailed the spending on new players, and in the summer our net outlay was less than £2M, nowhere near the £20M he had allocated.
Keith Harris, a former chairman of the Football League, and now Executive Chairman at Seymour Pierce investment bank said that Newcastle are certainly attracting interest:
“Newcastle are a huge iconic brand and we are attracting interest.”
“I think if there is going to be an investor it probably won’t come from England unless we uncover a trillionaire Geordie who wants to buy it.”
Newcastle being a huge iconic brand may shock some local Newcastle supporters but that old saying “wherever you go you’re bound to meet a Geordie” is so true – and usually of course they are fanatic Newcastle supporters of course.
Newcastle is a bigger global brand than we may realize and Kevin Keegan in the 1990s had something to do with that, as he made Newcastle one of the best teams to watch in England.
In the last week or so things have gone rather quiet, and of course the worldwide credit crunch will not be helping things, but the club must be sold before the January transfer window opens, so we can strengthen our squad, which is just far too small, but full of quality.