Mike Ashley Set To Sell Newcastle
25 May 2008
MIKE ASHLEY SET TO SELL NEWCASTLE
By Martin Hardy
Mike Ashley is considering selling Newcastle United - but he wants £300 million for he club he took over last year.
Chairman Chris Mort is set to quit his role in the St James' Park hotseat to return to his job as a lawyer with Freshfields.
Mort has completely restructured the club since he was appointed and Ashley believes the work he has done makes the club a more saleable asset.
He paid £134m for the Magpies this time last year in a surprise takeover.
But he was stunned to find Newcastle's debts greater than anticipated at around £100m and key in Mort's role has been discovering the exact levels and either paying them off or putting guarantees against them.
That has been done and with Mort set to be replaced by Derek Llambias, Ashley would be ready to sell, if he could find a buyer.
After the departure of manager Sam Allardyce Ashley brought back Toon hero Kevin Keegan. But that is now a rocky relationship, with Keegan left feeling undermined by the appointment of Dennis Wise as football director.
25 May 2008
MIKE ASHLEY SET TO SELL NEWCASTLE
By Martin Hardy
Mike Ashley is considering selling Newcastle United - but he wants £300 million for he club he took over last year.
Chairman Chris Mort is set to quit his role in the St James' Park hotseat to return to his job as a lawyer with Freshfields.
Mort has completely restructured the club since he was appointed and Ashley believes the work he has done makes the club a more saleable asset.
He paid £134m for the Magpies this time last year in a surprise takeover.
But he was stunned to find Newcastle's debts greater than anticipated at around £100m and key in Mort's role has been discovering the exact levels and either paying them off or putting guarantees against them.
That has been done and with Mort set to be replaced by Derek Llambias, Ashley would be ready to sell, if he could find a buyer.
After the departure of manager Sam Allardyce Ashley brought back Toon hero Kevin Keegan. But that is now a rocky relationship, with Keegan left feeling undermined by the appointment of Dennis Wise as football director.
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