Mike Ashley puts up Newcastle for sale

May 31st, 2009 - 10:17 pm ICT by IANS  

London, May 31 (IANS) After being relegated from the Premiership, owner and sportswear tycoon Mike Ashley has put Newcastle United football club up for sale with a price tag of 100 million pound.
The quoted price is 34 million pound less than what Ashley paid two years ago to buy the club. After taking over the club, he has invested his own 110 million pounds to pay down the club’s debts.

“It has been catastrophic for everybody. I’ve lost my money and I’ve made terrible decisions. Now I want to sell it as soon as I can… advisers will be appointed shortly,” Ashley was quoted as saying by The Sunday Times.

The team was earlier put up for sale last September at 400 million pounds after series of protests following the departure of manager Kevin Keegan. But relegation has slashed the club’s price.

Ashley, who owns the sportswear chain Sports Direct, also said that he regrets buying the club two years ago.

“Of course I regret it. I never said I was an expert in football clubs. I was just a fan - although a very wealthy fan. But I’m not so wealthy now. I put my money into it and I tried my best. But I accept my best was woefully short. I am genuinely sorry for everybody about what has happened,” he said.

The news comes as talks were on to give Alan Shearer, the care-taker manager, a full-time contract to rebuild Newcastle United future.

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