Wise worked at United between 2008 and 2009 and advised Ashley on transfers.
Dennis Wise: “When he took over the club there was a massive hole that he had to get rid of.
“He put his hand in his pocket with a quarter of a billion pound. He stuck that in and cleared the debt.
Freddy's fault?
“What he decided to do is run it in a structured way so there was no debt.
“So you can sell players with money, bring in and take out.
“He’s set the structure with the wage bill as well, he sticks by it as well.
“He thinks the club should be able to stay up.
“He’s not going to go and spend £200million like Liverpool have.
“He’s not going to go about doing that.
“Mike is a very honest guy.
“He is very honest with people who work hard for him.
“He will give time, plenty of time, and he has no reason to move him out.
“No. He’s very sensible in the way that he’s thinking.
“No, he’s not a nasty guy, he’s a clever guy.
“He’s a guy that wants the best for Newcastle United Football Club.
“He will structure that football club in a certain way so there’s no debt.
"Freddy Shepherd and company went mad and they spent money - that was the hole that Mike ending up paying.
“That was the great big hole that was sitting there.
“And it’s going to be there for a long, long time.
“Could they carry on spending money?
“There had to be a stage where it had to be sorted out.
“Mike wasn’t prepared to constantly throw money - his own money - and just throw loads of money at that football club.”