Newcastle United are in line to pay off the £111m owed to Mike Ashley if the prospective takeover in the northeast is completed, according to Football Insider.
According to the Tyneside club’s newly-published accounts, the Magpies’ only outstanding debt at 30 June 2019 is an interest-free loan from their current owner.
Analysis from Football Insider shows that the £111m figure would be wiped out as part of the £300m price agreed for the purchase of the club with Amanda Staveley’s Saudi Arabia-led consortium.
Will Ashley be missed at all at Newcastle?
The proposed takeover deal is in its eighth week, with the Premier League still to decide on the outcome of its owner’s and director’s test. Ashley is having to be patient in the same way as the Newcastle fans as they await for a final decision to be made by the English top flight.
However, the CEO of Sports Direct is selling the club at a time when they are in reasonable financial fettle and operating on a sustainable basis, as the accounts seem to show. The Magpies are currently sitting in 13th place in the Premier League table and are relatively well placed to avoid relegation, as they sit eight points clear of the drop zone with just nine matches left to play.
Ashley will likely be preparing to make way for a takeover that could promise a transformation of the club’s ambition and investment.
However, assuming that the reports are true, the 55-year old will be looking to pocket £111m for when he hands over his power to the would-be owners, a potentially huge benefit for leaving his post after 13 tumultuous years.
Geordies, would you be angry at seeing Ashley receiving a payout when the takeover is completed? Comment below with your views!
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