Rosco - I don't know your training but if you are comfortable with a set of accounts they are all to see online. No siphoning of money at all - what comes in is media/matchday/commercial and that goes out largely on wages/operating costs and transfer fees. As i discovered myself the borrowing costs to Ashley are minimal, if any interest is paid at all. Assuming you remain in the EPL you are the best run club (financially). Ashley is of course not investing in the infrastructure or academy because to do so would require either him to pump more cash in or reduce signings. Signings get media attention the infrastructure and the academy do not. Using a well known module the value of the club is 300-350m. For that value to rise Newcastle would need to be back in Europe. Ashley is already owed c100m and I am sure anyone can see why he wouldn't put any more money. Newcastle is also hamstrung like many Northern teams - the same fans each week, buying one shirt at the start of the season. Liverpool have 15k different fans each week each spending 100+ in the club shop.