Ashley Won't Throw Money At A Problem

Last updated : 09 June 2007 By Footy Mad - Editor
In a formal offer sent to shareholders and obtained by the Daily Telegraph, Ashley said: "Many of the top teams have changed ownership and some of the new owners have been willing to invest significant amounts in maintaining and developing the strength and depth of their teams.

"SJHL recognises the unfulfilled potential of Newcastle, as shown by its investment in shares of £55.3million and its commitment to invest a further £78.5million to acquire the shares it does not own.

"Mike Ashley has funds to make available, through SJHL, for investment in Newcastle United. However, before finalising the amount he is willing to invest, Ashley will want to undertake a thorough strategic review, including its existing infrastructure, contractual arrangements, playing staff and financial position.

"SJHL anticipates that this strategic review will commence after the offer becomes unconditional."