Post by QPR Report on Jul 28, 2009 22:13:09 GMT
Amazing how they got themselves into this situation.
The Times/George Caulkin - July 29, 2009
Newcastle United deny rumours of administration
Senior figures at St James' Park have categorically denied that Mike Ashley will place Newcastle United into administration if a buyer for the relegated club does not emerge over the coming weeks.
With negotiations regarding Newcastle's prospective sale proceeding at a painstaking pace and with the new Coca-Cola Championship season imminent, rumours about Ashley's intentions have intensified on Tyneside in recent days.
Chief among those has been that Ashley, the sportswear retailer, would consider administration as a means of cutting his losses on a club who have already cost him upwards of £250 million.
Such a scenario - which would bring the club an automatic ten-point deduction from the Football League - has been discussed openly by players and staff at Newcastle's training ground, but sources at the club and close to the sale process have insisted that it is not being considered. “It's just not an option,” one said.
Related Links
Newcastle short of just about everything
Newcastle told to sell Martins and Coloccini
The inference is that Ashley's regime would continue should none of the three substantive bidders for Newcastle who have been in detailed discussions with Seymour Pierce, the investment bank charged with handling the sale, proceed with a takeover. It has been reported widely that Newcastle are being run on a day-to-day basis through a bank overdraft of £35million or more.
With no manager in place - Alan Shearer is still eager to be appointed full time - a corrosive situation was heightened by last weekend's 6-1 friendly defeat away to Leyton Orient.
The Singapore-based Profitable Group announced yesterday that it was withdrawing its interest in the club, although given that it had consistently failed to prove it could meet Ashley's £100 million asking price, the group's publicity-generating involvement has lacked credibility.
www.timesonline.co.uk/tol/sport/football/premier_league/newcastle/article6731008.ece
The Times/George Caulkin - July 29, 2009
Newcastle United deny rumours of administration
Senior figures at St James' Park have categorically denied that Mike Ashley will place Newcastle United into administration if a buyer for the relegated club does not emerge over the coming weeks.
With negotiations regarding Newcastle's prospective sale proceeding at a painstaking pace and with the new Coca-Cola Championship season imminent, rumours about Ashley's intentions have intensified on Tyneside in recent days.
Chief among those has been that Ashley, the sportswear retailer, would consider administration as a means of cutting his losses on a club who have already cost him upwards of £250 million.
Such a scenario - which would bring the club an automatic ten-point deduction from the Football League - has been discussed openly by players and staff at Newcastle's training ground, but sources at the club and close to the sale process have insisted that it is not being considered. “It's just not an option,” one said.
Related Links
Newcastle short of just about everything
Newcastle told to sell Martins and Coloccini
The inference is that Ashley's regime would continue should none of the three substantive bidders for Newcastle who have been in detailed discussions with Seymour Pierce, the investment bank charged with handling the sale, proceed with a takeover. It has been reported widely that Newcastle are being run on a day-to-day basis through a bank overdraft of £35million or more.
With no manager in place - Alan Shearer is still eager to be appointed full time - a corrosive situation was heightened by last weekend's 6-1 friendly defeat away to Leyton Orient.
The Singapore-based Profitable Group announced yesterday that it was withdrawing its interest in the club, although given that it had consistently failed to prove it could meet Ashley's £100 million asking price, the group's publicity-generating involvement has lacked credibility.
www.timesonline.co.uk/tol/sport/football/premier_league/newcastle/article6731008.ece
