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Premier League side Newcastle United confirmed that the club is "up for sale," raising the prospect of Owner Mike Ashley "ending his reign" at St. James' Park that has spanned the last decade, according to Jack de Menezes of the London INDEPENDENT. The 53-year-old bought the club in July '07 after investing around £134M, "saving it from possible financial ruin by paying off substantial debts left by the previous owners." A Newcastle statement said, "As a result of increasing press speculation regarding the future of Newcastle United, the owner of the club, St. James Holdings Limited, wishes to clarify its intentions. ... To give the club the best possible opportunity of securing the positioning and investment necessary to take it to the next level, at what is an important time in its history, its present ownership has determined that it is in the best interests of Newcastle United and its fans for the club to be put up for sale. To give an incoming owner the maximum possible flexibility to make meaningful investment in the club, including in its playing squad, the sale process will give interested parties the opportunity of deferring substantial payments." The news, while "something of a surprise" with the club performing well in the Premier League, is "not a complete shock" given the
appearance of financier Amanda Staveley at Newcastle's home ground during the match against Liverpool at the start of the month (
INDEPENDENT, 10/16).
