Mike Ashley struggling to sell Newcastle United
The love hate relationship which Mike Ashley enjoys with the Newcastle United faithful looks set to go on for some time yet with news that no buyers have come forward for the troubled football club. However, news from Mike Ashley's Sports Direct International company is a little better with earnings for the first half of 2008 showing a 7.4% increase. This is in direct contrast to the likes of JD sports, JJB Sports and the sports retail market in general.
The sale of Newcastle United has taken far longer than even Mike Ashley had expected with rumoured bids from the US and the Middle East failing to appear with suggestions that the credit crunch and ongoing worldwide recession has seen interest in football clubs collapse. It would appear that Ashley is stuck with the club for at least the rest of the season although a more prosperous period on the football pitch has taken some pressure off the sports tycoon.
There is serious concern that the UK football sector, which in many ways depends on wealthy benefactors such as Mike Ashley, could be in serious trouble if as rumoured a number of former wealthy owners decide to sell up. The owners of West Ham and Portsmouth are rumoured to be on the verge of selling their clubs after being hit by serious reductions in their personal wealth.
Share this..
Related stories
EU ministers look to shore up EU reserves
European Union finance ministers are this weekend expected to put the finishing touches to a multi-billion euro emergency facility which would be used to assist member states in financial trouble. This is an idea which has sprung up over the weekend with the intention of giving financial markets around the world more confidence in the Euro zone, the EU and European member states. But will this be...
Read MoreGordon Brown forced to reconsider national insurance rise in 2011
Gordon Brown is tonight under serious pressure from backbenchers to reconsider the 0.5% increase in National Insurance which he intends to implement in 2011. The move is forecast to increase costs to UK business by something in the region of £2.65 billion and severely dent industries ability to bounce back from the ongoing recession. While 2011 may seem some time away, the ongoing UK recession is...
Read MoreIs it time to look at your own small business?
In years gone by the number of people looking to start their own small business was just a fraction of the level of interest today. It seems that the internet and other advances in technology have allowed more and more people to work form home, many looking to set up their own businesses, but is this the time to look at working for yourself?
The truth is that with the onset of the...
Manchester United parent company records significant losses
The holding company set up to acquire Manchester United football club some years ago has reported increased losses all £44.8 million for the year to June 2008. As a consequence of the debt laden transaction to acquire Manchester United football club, "Red Football Joint Venture" has also reported a significant increase in debt to almost £650 million. The results have angered many United fans who...
Read MoreHave you stuck with your financial New Years resolution?
03/02/2015 Finally, after what feels like a lifetime, January has come to an end. The first, and often toughest, month of the year is over. Did you keep your New Years resolution? A survey, conducted with online shoppers on the website FreeDeliveryLand.co.uk, has shown that the second to last Friday in January, dubbed “Fail Friday”, is the day you are most likely to have broken your New Y...
Read More