Mike Ashley unintentionally left Newcastle United ‘secret weapon’ to tackle Premier League elite

Football financial expert Kieran Maguire has credited Mike Ashley for Newcastle United on a sound financial footing for the Saudi-backed regime. 

The Sports Direct tycoon presided over an era of apathy at St James’ Park. Star players rarely stayed more than a couple of seasons and tight purse strings caused Newcastle to regularly flirt with relegation.

The Magpies twice succumbed to the Championship before Ashley finally packed his bags in 2021 - 14 years after buying the club. PIF, Saudi Arabia’s sovereign wealth fund, acquired an 80 per cent stake in Newcastle and the club’s fortunes changed overnight.

While they are yet to shatter their silverware curse, the Magpies have competed in cup finals and qualified for the Champions League. Better days are to come for Toon fans as the new regime gradually build Newcastle from scratch.

FFP/PSR restrictions have prevented the board from spending in the same vein Chelsea and Manchester City did following their seismic takeovers. A frantic scramble saw Newcastle stagger over the June 30 cut-off point last month, with Elliot Anderson and Yankuba Minteh leaving for big-money fees.

Speaking to NewcastleWorld via Geordie Journos, monetary guru Maguire explained how Ashley unintentionally left Toon chiefs a secret weapon in the transfer market. He said: “For all the faults of Mike Ashley and, let’s face it, we could do a separate two-hour special, the one thing he did do as far as the new owners were concerned, is he left them in a strong PSR situation. 

“That’s allowed the wage bill to substantially increase - it doubled between 2021 and 2023. It’s allowed significant investment in talent but you can’t do that forever unless the money coming into the club rapidly increases as well. 

“I expected something (sales before June 30) as far as Newcastle were concerned but I was expecting something from other clubs as well.”