Source: Daily_Mail
'Crazy' strategy forced Newcastle into Keegan and Gutierrez pay-outs
Newcastle [LNB]managing director Derek Llambias has criticised the 'crazy' business plan of the previous regime.[LNB]The club are preparing to lose millions of pounds this week as owner Mike Ashley looks to reach a settlement with former manager Kevin Keegan and complete payment for Argentina international Jonas Gutierrez.[LNB]And Llambias believes the recklessness of former owner Freddy Shepherd and his board is to blame for the financial predicament facing the club.[LNB] Still to pay: Newcastle are set for a pay out on Jonas Gutierrez[LNB]'Mike has had to put £10million of his own money into the club this week to facilitate the running of the club - that includes £4.5m for Kevin Nolan, as fees for Shay Given and Charles N'Zogbia will not be received until the summer,' Llambias told The Journal. [LNB]'And he will continue to put his own money in. He is willing to put £10-15m of his own money in every year, but the rest of the money, for transfers and so on, has to be generated by the club's own business activity.[LNB] Newcastle defender Taylor backs new players to keep the club safe[LNB]Newcastle boss Kinnear told he needs to 'chill out' after heart surgery[LNB]HATCHET MAN: It's all in black and white so it must be true - Newcastle are heading in the right direction, says chairman Llambias[LNB]NEWCASTLE UNITED FC NEWS FROM ACROSS THE NET[LNB][LNB]'We don't have any commercial income at the moment because that was spent to pay for Michael Owen. It was all spent in advance, that's the money from Northern Rock and adidas. That is crazy for any football club because we need that income.'[LNB]As Newcastle prepare to reach expensive settlements in the next week, Ashley's failure to carry out due diligence when he bought the club in the summer of 2007 looks increasingly short-sighted.[LNB] Settling: Former Newcastle boss Kevin Keegan is set for a payout[LNB]And Llambias admitted the club could have to pay out millions of pounds this week.[LNB]'We are hoping to reach two important settlements in the next week or so which potentially could cost the club a lot of money,' Llambias said. [LNB]'One of those is the settlement with Kevin Keegan and the other is the fee for Jonas Gutierrez. We are talking about millions of pounds here and, if we have to pay out a vast sum of money, that will hit our revenue elsewhere.'[LNB] Newcastle defender Taylor backs new players to keep the club safe[LNB]Newcastle boss Kinnear told he needs to 'chill out' after heart surgery[LNB]HATCHET MAN: It's all in black and white so it must be true - Newcastle are heading in the right direction, says chairman Llambias[LNB]NEWCASTLE UNITED FC NEWS FROM ACROSS THE NET[LNB] [LNB]
