I don't think anyone on here thinks Ashley has invested. In recent years he has spent money that the club has generated but he will not inject fresh cash in, in the form of new equity or borrow against TV rights like many teams and put the club's future in jeopardy. As long as I can remember Newcastle fans have wanted them to be more than they are. Hall and Shepherd delivered on this and took a massive financial gamble and if they had won the league and gone on and dominated they would have been rewarded. But it didn't and they nearly took the club under, before Ashley came in. Now they see another opportunity to be more than they are with this PiF possibility. Although now the stakes are really high and through inflation a Les Ferdinand for 8.5m is the equivalent of 100m in today's money. In one year Shepherd and Hall spent £20m, which is the equivalent of £250m in today's terms. That is the level of spending needed, p.a., plus on infrastructure, to return to those "almost glory" days. No wonder Ashley is getting out. And no-one, not even PiF will satiate the demands of the post '92 brigade brought up on £20m+ each year.