Ashley Pulls Newcastle Off The Market
Beleaguered Newcastle United owner Mike Ashley has abandoned his ongoing attempts to sell the Coca-Cola Championship club and announced that he will invest a further £20m.
The news came after confirmation that local businessman Barry Moat’s bid had fallen through after he failed to meet the £80m price.
New plans for the club include selling the naming rights to the St James’ Park stadium to increase revenues.
Ashley first put the club up for sale in September 2008, withdrew it in December, but announced he wanted to sell again after relegation in May.
Moat was the latest in a number of prospective buyers unable to complete a deal for the Championship leaders.
A Newcastle statement said: ‘Newcastle United now aims to move forward on and off the pitch.
‘The club aims to maximise its commercial revenues; this includes renegotiating its club sponsor and kit deal, which expire at the end of this season, as well as welcoming offers for the stadium naming rights for next season.’
St James’ Park, which has been used for football since 1880, is the oldest and largest stadium in the North East and will be used as a football venue for the 2012 Olympics.
Ashley bought Newcastle in 2007 for £134.4m but has endured a torrid time in charge of the club following his purchase, culminating in their relegation from the Premier League last season.
