Newcastle United have no money to spend for return to Premier League

09 May 2010 09:30
Newcastle manager Chris Hughton has been dealt a devastating blow by owner Mike Ashley just a fortnight after securing the club's return to the Barclays Premier League and warned he will have to rely on free transfers and loan deals next season.

Ashley and the club's board have issued stark financial figures for the last year and announced Hughton will not be able to spend cash to ensure Newcastle's top flight place.

Newcastle recorded an operating loss of £37.7 million for the financial year 2008-09 and are estimating a shortfall of £32.5 million for the proceeding year, while their £20 million overdraft is already committed. They have now drawn up a five-year plan to break even by the end of the 2015-16 financial year.

But the repercussions of the new policy mean Hughton will have to generate his own funds to finance any summer spending, or wheel and deal in the free and loan market for new recruits.

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Hughton, who has been confirmed as manager for the foreseeablefuture, was hoping for additional funding to assist Newcastle, whowalked the Championship title following the pain of relegation at VillaPark a year ago.

Promotion could be worth as much as £60 million, but with aChampionship wage bill topping £40 million and Ashley funding theJanuary additions of Leon Best, Mike Williamson and Wayne Routledge,the coffers are empty.

Newcastle supporters, who have recently quelled their protestsagainst Ashley and other Newcastle directors, were expecting a £15million transfer kitty, but will now fear some of the stars of theirChampionship winning season will be sacrificed.

Money man: Newcastle's unpopular owner Mike Ashley (pink shirt)

There is uncertainty over the future of local lads Andy Carroll andSteven Taylor, who came to blows more than a month ago and who haveboth been attracting interest from Everton, Bolton and Stoke. Argentinapair Fabricio Coloccini and Jonas Gutierrez now head to the World CupFinals with Diego Maradona's squad and will firmly be in the globaltransfer window.

The statement said: 'It is clear to the board that no organisationcan be successful, until the financial position is stabilised.

'The board have therefore structured a five-year plan in which theultimate goal will be to ensure that the club is run at a 'break even'manner by the year 2015-2016.

'The first team squad that won the Championship this year will formthe basis of the team for next season in the Premier League. There isno plan for new capital outlay on players.

'The board and supporters are aware that Newcastle United currentlyhas a footballing Academy brimming with talent, skill and dedication.

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'As part of Newcastle United's quest for a team that trulyrepresents the values of the Geordie nation, the club will look topromote, where it can, from within and for the Academy to become aleading light as one of the best, if not the best, in the UK.

'The days when players such as Alan Shearer, Steve Bruce, PeterBeardsley and Michael Carrick had to leave Newcastle to begin theirillustrious football careers elsewhere are over.

'Newcastle United is more than aware of the great passion for thegame of football that exists locally and is intent on ensuring thatevery great Geordie footballer has the opportunity to play for his hometeam club.'

 Flash your cash, Ashley! Newcastle legend Shearer calls for signingsSame again for Hughton as Newcastle boss does not expect summer spreeNEWCASTLE UNITED FC

Source: Daily_Mail