Presumably also he expects this 'interest-free' loan to be paid back before he sells the club. Taking into account the free advertising he's had (which would represent better value than any interest on his loan, should he have preferred to take this route), he's not done too badly!
Not being any sort of Freedorf wannabe here but the forgone interest would amount to £5 - 8 million per year. I very much doubt that we could have sold the advertising for that amount. He is all of the things people say he is but he has lent the club a load of dosh which was needed and which is still owing, no matter how much of a prick he is
That's fair enough, and understandable. Just to add, i meant it more that I would argue the 'value' gained from the free advertising (and the international exposure for his brand Sports Direct) would be more than the £5 - 8 million he would have gained from selling these rights - hard to tell though!
He has 'lent' himself the dosh ................... he owns it. He is not doing the fans a favour, he is putting the money in because he did not do due diligence properly and wants to save on the interest payments. All this lending the club money is nonsense .................... its HIS club.
As per his own letter, he is almost entirely responsible for an additional £65m of debt. He should write that off as his screw up for a start. Then the £80m he got, should be looked at with reasonable deductions for commercial sponsorship as a minimum. At around £5-8m a year as above, that's more or less the £80m he's ACTUALLY owed (by himself!!!). Club value is around the £260m mark. He should take the above into account, cut his cloth, offer it out @ £300m and sell it off/walk away. It's now become clearly damaging to his main business interest, there is no longer an option to just 'ride it out'. At £300m I'd imagine you'd get a number of parties interested.
This is what baffles me. Why are we NOT an attractive proposition to potential buyers. Rich people (I am talking Billionaires) are buying up championship clubs now, spending millions upon millions to just ATTEMPT to get in the premier league. We are there already, have a wonderful stadium, world class manager and a good fan base. Even at £300m - £400m we should be a decent proposition. I believe that it has never ever actually been his intention to sell and it still is not. Take the new owners of Aston Villa, Fulham, Everton they could all have been in discussions with Ashley. Maybe they have but just are turned off by his ****e way of doing business. This season there is a very realistic possibility we: Will be in a relegation battle; Rafa will leave at the end of this season; We will probably be relegated; The atmosphere is going to become even more toxic by the end of the season and Any actual players worth their salt is going to want away when we do get relegated (Lascelles). This will all contribute to the club being significantly devalued and will also put off any real interested parties.......
We've got to be for sale, there's no other realistic explanation for Justin Barnes' unofficial involvement. If it was about football, he'd be installed as CEO above Charnley, but he's not - he's just in there, meddling and frustrating everyone. I think we have a 3 month window to be bought, ahead of January. It probably represents our single best chance to get him out. There will be a LOT of cash in the bank, which either increases the value or decreases the amount he's owed. However, if he really wants to sell - and I can only hope this campaign is enough for him to actually WANT to get out - he has to lower the price. He needs to be accountable to himself for his own mistakes and, like Ellis Short, write off some of the debt. I mean, it's batshit crazy anyway - he's loaned money to himself. But the sooner he turns around and says "yeah that £60m for two relegation's was really Mike Ashley's fault, not NUFC's".
More legends coming out of the woodwork to spit fire at Mike Ashley over the last few days. Surely he has to understand he either needs to change the way he's running it or sell up. Reminds me of the old saying: "if you meet one idiot in a day you are unlucky, if you meet two - you're having a bad day, if you meet a third you need to take a look at yourself as it is probably you who is the idiot"
The money he has loaned us is a direct result of his incompetence. The original 'debt' - 76 million - was created by him. Our mortgage with HSBC which we were comfortably paying. He was forced to pay it in full after HSBC pulled the plug as a result of him trying to re-negotiate interest payments. That is his original interest free loan. Other loans - Covering the costs of relegations caused by him. He can **** off.
I'll add - The club if it indeed owes him anything, owes 76 million. With the free advertising for Chav Direct have had, we have paid that back in kind. The loans for relegation - Not a chance. His penny pinching bullshit caused that.
I'm sure,Staveley's due dilligence earlier in the year pointed that one out to him. Hence the death of that bid.
From his own hand: £76m + £6.5m = overdraft plus associated purchase/settlement costs. £82.5m. £144m = subsequent amount owed to the fat bastard. £144m - £82.5m = £61.5m that his relegations have effectively cost us.
The fat twat has a cheek calling the 61 million loan. That is money that he owes the club. It's what we should have earned if we had stayed up. Any competent buyer would identify that hence why Ashley will never get his asking price.
