Newcastle United sources have categorically denied that Mike Ashley will place the club into administration if a buyer does not emerge over the next few weeks. The club has already cost him over £250m. However, it seems likely that the Ashley regime will continue if none of the three bidders for Newcastle who have been in detailed discussions with investment bank Seymour Pierce proceed with a takeover. It is believed that Newcastle is being run on a day-to-day basis through a bank overdraft of £35m or more.
Newcastle United sources have categorically denied that Mike Ashley will place the club into administration if a buyer does not emerge over the next few weeks. The club has already cost him over £250m. However, it seems likely that the Ashley regime will continue if none of the three bidders for Newcastle who have been in detailed discussions with investment bank Seymour Pierce proceed with a takeover. It is believed that Newcastle is being run on a day-to-day basis through a bank overdraft of £35m or more. The Singapore-based Profitable Group has announced that it has withdrawn its bid for the club. However, given that it consistently failed to demonstrate that it could meet the £100m asking price, the credibility of its interest was in doubt. Sometimes just announcing that one is a bidder can generate a lot of free publicity.