Brian McNally is reporting in the Daily Mirror today that Newcastle are completely skint.
Newcastle owner Mike Ashley – no more loans to the club?
The report suggests that if Newcastle fans think that the club might find some money to strengthen their squad in the summer with some quality buys, they are doomed to disappointment.
The only new arrivals at St. James’ Park will be free transfers, loan signings or perhaps even part-exchange deals, but it looks like no transfer money will be made available for new transfers that actually cost money.
We already have been told that the squad will be expanded with five of the the youngsters who will now be part of the first team squad.
We had reported in early May that the five were 17 year-old Haris Vuckic, 18 year-old Irish defender Stephen Folan, 18 year-old Australian-born Brad Inman, Swede starlet 18 year-old Samuel Adjei and 18 year-old Amble-born striker Phil Airey.
The Mirror is saying that most Newcastle fans think Ashley is only bluffing to keep the transfer costs of their targets low, but they report that owner Mike Ashley is deadly serious about no transfer money being available this summer.
The Newcastle club actually owes Ashley £111M plus at least another £20M to Barclays, and the club’s operating loss over the last two seasons has been about £70M.
The strategy last season of keeping players we couldn’t afford, like Coloccini, Gutierrez, Barton, Smith, Enrique, Nolan and others – paid off big time.
But that money was only made available by Ashley, and while it paid off handsomely we now probably need about another £10M – at the very least loaned to the club – from Ashley’s pockets, if we are to be certain of survival next season.
But that doesn’t look like it’s going to happen, and the club certainly cannot borrow any more funds from Barclays Bank, as they’ve already borrowed money on the security of transfer funds they will only be receiving over the next year.
It’s good that we at least have Chris Hughton as manager at the club, who seems willing to just get on with it, and we have to hope he can indeed get some good loan signings in – and maybe even some free agents – although we think that may be more difficult.
We may be the only ones – but we still think Newcastle can have a decent season back in the PL.
And on a positive ending note – we have to remember last summer when some famous Journalists were also reporting the sky would fall in on Newcastle during the Championship – and we would end up in League One – and look how that turned out.
Hey – there’s still hope.