As reported by the Chronicle, Mike Ashley is set to give Newcastle United £33million in order to help the club cope with life outside of the top division.
Ashley has loaned the club the £33million, so that they are able to cope with relegation and have the best chance of returning to the Premier League at the first time of asking.
Documents that were filed in December show that St James Holdings Ltd, a company that is owned by Mike Ashley made the £33million loan available.
It was widely expected that the club would take a huge financial hit, perhaps a crippling one, after their relegation at the end of last season. However, the money that Ashley has loaned the club has gone a long way to ensuring the clubs financial security for the foreseeable future.
Nevertheless, it is still very much the clubs priority to return to the top division at the first time of asking.