BusinessBusiness RecoveryNewcastle owner Ashley denies administration fears

Newcastle owner Ashley denies administration fears

Football League club Newcastle denies it will enter administration as buyer pulls out of potential deal

Newcastle
United
senior figures have denied suggestions that its owner Mike
Ashley will put it into administration, after a deal to sell the club fell
through.

According to
The
Times
, the club has denied that their chairman, Mike Ashley,
is considering putting the Tyneside outfit into administration if he fails to
find a buyer, meaning the club would receive an automatic ten-point deduction
from the Football League.

Yesterday the Singapore-based Profitable Group announced they had withdrawn
from the running to buy Newcastle after failing to meet the asking price of
£100m.

It has been reported that Newcastle’s daily operations are being run from a
bank overdraft of at least £35m, and that Ashley, who is keen not to further his
loss of £250m on the club, is hopeful that a buyer will be found in the coming
weeks.

Further reading:

IPs praised on pre-packs, but must
do better: Insolvency Service

Mazars called in at Livingston FC

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