In 2007 Ashley inherited this and you lot expected more of the same: A record £34 million loss with an additional £27 million owing on transfer fees; extremely limited borrowing capacity, as all assets and income streams had already been used to secure loans; and a bloated wage bill of ageing mercenaries on generous long-term contracts. Wages 70% of turnover. having a top 15 revenue doesn't count for much if 70% of it is being spent on players and you are churning out a 34 million loss.
The Shepherd family made over £50m from their years at St James’ Park (£38 million Ashley sale, £7 million dividends and £5 million salaries). Additionally, the accounts show that between 2003 and 2007, the club paid £1.6m to rent warehouse space and houses from Bruce Shepherd’s company, SMP Services. In 2007, Newcastle paid £82,000 to Triple S Sports Consultancy, a company run by Freddy Shepherd’s son, Kenny, who rented office space in St James’ Park.
It was built on sand and you have never got or understood this. It doesn't make you a big club spending money that isn't your to spend.