News has broken this morning that Newcastle United owner Mike Ashley is on the verge of completing a takeover of retail chain House of Fraser, at a cost of £90m – his one and only big signing of the summer now deadline day has passed!
The high street giant had been were placed in administration at 8am this morning and apparently Ashley completed his takeover by 10:15am – proving he can do a deal quickly, when he wants to.
The timing is especially frustrating for Newcastle fans and the £90m fee could explain just where the TV money has went from NUFC, after we finished the summer window with a net spend of MINUS £21m.
— The Chronicle (@ChronicleLive) August 10, 2018
We all know he uses Newcastle United to promote his other business interests, after a decade of free advertising for Sports Direct. The plans for House of Fraser and whether he will turn them into Sports Direct stores is unclear – either way, it is another message of he has no intention of investing in NUFC. Quite the opposite, he is using the club and is investing every penny into other businesses; not Rafa’s transfer funds.
More news will develop on this in the coming days but let’s make sure the fans voices are heard loud and clear when Spurs come to visit live on Sky tomorrow.
Lack of #NUFC spending perhaps explained by Mike Ashley concentrating on buying House of Fraser this morning. It went into admin at 8am and he buys it at 10:15. Shows he can act fast on the markets if he wants
— PriceOfFootball (@KieranMaguire) August 10, 2018