By most measures, Mike Ashley has done a bad job of owning Newcastle United. Since buying out shares from the Hall family and the late Freddy Shepherd for around £134m in 2007, the retail magnate has overseen two relegations; lost two employment tribunals to senior members of the club’s staff; renamed the stadium; hired his equally contemptuous friends in board-level positions; and failed to re-invest the money generated by the club through TV and advertising deals into players or training facilities.
In the Premier League era, prior to Mike Ashley’s arrival, Newcastle had finished second twice, third twice, fourth, fifth, sixth and seventh, while reaching two FA Cup finals and a European semi-final, and broke the world transfer record in 1996. They competed in European competitions more often than they didn’t and, historically, despite having not won a major trophy since 1969, are still the ninth-most successful English club in terms of honours won. Under Ashley, Newcastle have spent more time in the Championship than they have in Europe and have never once got past the fourth round of the FA Cup.
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