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Magpies for sale
June 1, 2009, Monday
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Print Edition
NEWCASTLE United owner Mike Ashley wants to offload the English club after it was relegated from the Premier League. The sportswear tycoon took the team off the market last December due to a lack of suitable offers.
A combination of the global economic downturn and the Magpies dropping into the League Championship have left Ashley willing to cut his losses and reportedly sell for 100 million pounds (US$161 million), 34 million pounds less than what he bought them for two years ago. "It has been catastrophic for everybody," Ashley told The Sunday Times. "I've lost my money and I've made terrible decisions. Now I want to sell it as soon as I can." Ashley tried to sell the club last year after saying he couldn't afford to match the fans' ambitions or cope with the threats to his safety following Kevin Keegan's resignation as manager.
A combination of the global economic downturn and the Magpies dropping into the League Championship have left Ashley willing to cut his losses and reportedly sell for 100 million pounds (US$161 million), 34 million pounds less than what he bought them for two years ago. "It has been catastrophic for everybody," Ashley told The Sunday Times. "I've lost my money and I've made terrible decisions. Now I want to sell it as soon as I can." Ashley tried to sell the club last year after saying he couldn't afford to match the fans' ambitions or cope with the threats to his safety following Kevin Keegan's resignation as manager.
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