Ashley takes out loan against TV money


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Ashley takes out loan against TV money
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omenator Offline

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Post: #1
Ashley takes out loan against TV money

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Mike Ashley has arranged for Newcastle United to take out a loan.

The news has broken on Tuesday morning via Companies House.

Any changes Newcastle United make as a company, have to be filed at Companies House.

This means the public have access to the documents, though there is some delay before they can be seen.

Tuesday morning (17 September 2019) the latest document became available to the public.

It was filed by Newcastle United on 11 September 2019 and it shows that the club have borrowed an unspecified amount (or arranged a significantly increased overdraft facility) from Barclays Bank.

The loan is secured against both the remaining money to be received by Newcastle for this current 2019/20 season from the Premier League/broadcasting, as well as against the ‘Basic Award Fund’ for the 2020/21 season.

Newcastle will bank tens of millions next season from the Premier League, even if relegated, due to the parachute payments.

It was a 30+ page document at Guests cannot see links in the messages. Please register to forum by clicking here to see links. but these are the (particularly) relevant pages as to how the money will be secured/repaid:

   

   

A little bit puzzling this considering Newcastle United stated that there was £61m available to spend this summer plus cash from sale of players, yet there appeared to be at least £30m left unspent…

So the question is, why would Newcastle United be needing to loan money and/or have this additional borrowing facility, when you wouldn’t imagine cashflow would be a problem.
19th September 2019 11:01 AM
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huntface Offline

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Post: #2
Ashley takes out loan against TV money

Cash flow would be my guess as its unlikely the transfer out will have been fully paid.

The club does it every year.
(This post was last modified: 19th September 2019 11:06 AM by huntface.)
19th September 2019 11:05 AM
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Jinkyjim Offline

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Ashley takes out loan against TV money

Mebees we are paying off Sports Direct Belgian tax bill....
19th September 2019 01:09 PM
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tino Offline

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RE: Ashley takes out loan against TV money

We probably own Harrods now
19th September 2019 03:14 PM
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guff Offline

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Post: #5
RE: Ashley takes out loan against TV money

Same 'sponsors'.

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19th September 2019 04:10 PM
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