Kieran Maguire delivers Newcastle takeover verdict after staggering £769m Ashley reveal

Mike Ashley refuses to properly invest in Newcastle United because he sees the upper echelons of the Premier League as too crowded a marketplace. 

That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively after the Sunday Times released their annual Rich List for 2021.

Mike Ashley’s wealth rose by £769million over the last 12 months, taking him from 75th to 61st in the ranking.

Despite his ballooning fortune, this site revealed last Tuesday that the retail magnate has set aside just £8-10million for Newcastle to spend in the transfer market this summer. 

Maguire claims that the 56-year-old believes Ashley sees Newcastle as a potentially lucrative venture but is unwilling to take the leap of faith.

“Newcastle are profitable, broadly,” he told Football Insider correspondent Adam Williams.

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“He [Ashley] has run them as a break-even vehicle with the exception of a couple of years when they needed to get back into the Premier League.

“I think he’s realised that he or somebody else needs to make a significant investment.

“Newcastle need to be on the next level in terms of Premier League success and qualifying for Europe. That does not come cheap and it is certainly not guaranteed.

“There are only four Champions League spots. We have the ‘big six’ and then the likes of Newcastle, Leicester, West Ham, Leeds.

“With the right owners, those clubs can get into those competitive areas.”

“Ashley probably sees it as too crowded a market and is quite happy for Newcastle to wallow in the areas they currently are. It’s not costing him a fortune.”

In other news, Newcastle United stance on re-signing Jetro Willems revealed.