Rafa Benitez was promised “every last penny” the club generated through promotion and player sales in a meeting at the end of last season.
“Every penny the club generates, he can have, but it won’t generate enough,” said Mike Ashley.
“With (United managing director) Lee Charnley’s help – and Lee Charnley answers to Rafa, not the other way around, so we’re crystal clear – Rafa makes all the final decisions on the players out and the players in, but he has to do it with the money the club has.
“In theory I’m a billionaire, but in reality my wealth is in Sports Direct shares.”