It seems that Mike Ashley has loaned the Newcastle club £136.6M, since he has been the owner.
Mike Ashley – with Chris Hughton and players
And the Sunday Sun is revealing today that the loan was previously repayable only when the club was sold.
Now that seems to have changed and the debt can now be settled on demand.
In theory that is whenever Ashley chooses – but it also assumes the club is healthy enough to be able to repay that rather large amount.
It seems the Sunday Sun has had a look at the Newcastle books for the period up to the end of June last year, and they state:
“The Group’s outstanding loan from (from Ashley) of £111M is repayable on demand.” “Under the previous arrangement, in force at 30 June, 2008, the loan was only repayable on demand in the event of a change in control.”
The £111M has been increased by a further £25.6M in loans this season, as Mike has put in money to keep the club afloat with it’s still huge wage bill.
That strategy has paid off big time however, as the club rather easily gained promotion at the very first attempt this season from the Championship, and is now back in the big time next season in the Premiership.
We’re not sure how big a news item this is – other than Newcastle owes Mike an awful lot of money, and Mike is not going to sell the club anytime soon.