Source: Telegraph
'Newcastle wouldn't have survived without Mike Ashley's money'
That scenario emerged as key figures at St James' Park let it be known that club owner Ashley is having to pay half-a-million pounds a week just to keep Newcastle afloat following relegation from the Premier League last season.[LNB]Even though the Championship leaders still regularly attract crowds of over 40,000, senior sources at the club have warned that financial meltdown has only been averted by Ashley's contributions.[LNB]Ashley and managing-director Derek Llambias, who runs the club on the sports tycoon's behalf, sold many of Newcastle's high earners last summer but the wage bill is regarded as excessive.[LNB]The club's predicament explains why Sports Direct founder Ashley tried to sell the club following relegation last year but was unable to find anyone willing or able to meet his £100 million asking price.[LNB]'Newcastle United couldn't survive at the moment without Mike's money, it's as simple as that,' a senior source at the club said.[LNB]'If Mike and the banks weren't willing to cover the cost of relegation Newcastle may well be in a Portsmouth situation.[LNB]'It is costing Mike £500,000-a-week this season to keep Newcastle running without making further cutbacks, yet some people are saying the club should be able to wipe its own mouth, that it should be able to run by itself with the income coming in.[LNB]'You can not lose £50 million in revenue and expect not to have to take a hit, particularly when you have the overheads Newcastle have. The wage bill was reduced, but it's still way too big for the Championship.'[LNB]That state of play is bound to increase the pressure on manager Chris Hughton to ensure the club bounce back to the Premier League at the first time of asking.[LNB]Otherwise, the club will have to sell their biggest assets as well as taking drastic efforts to reduce the wage bill which could see a firesale at St James' Park this summer.[LNB]The revelation that Ashley is propping up the club he bought for £134.4 million three years ago will also give those Newcastle supporters who consistently barrack him food for thought.[LNB]Newcastle head to Watford this Saturday and travelling fans will no doubt express their antipathy towards Ashley at the game with even Hughton insisting they are well within their rights to vent their spleen at his paymaster.[LNB]Hughton said: 'What you will always have from supporters is that they will always show a passion to get behind the team and they are the ones that pay their money.[LNB]'They are entitled to chant what they want. I just want them to get behind the team. That's the most important thing, that they get behind the team. I don't know if it gets to him.'[LNB]
