I don't actually think he's taking money out of the club, not in a direct way anyway.
In the past it was relatively easy for a club like Newcastle to just be kept ticking over in mid table mediocrity, that was the sweet spot for him in terms of risk/cost vs. reward.
That is now much more difficult and expensive to do and I think he now sees the 'sweet spot' as yo-yoing between the Premier League and Championship.
In the past his model was to do just enough to stay in the Premier League, saving a pot of money to spend in January if/when relegation looks possible.
I think he's now intentionally running the club as yo-yo club, he will not spend while in the Premier League but will save a pot of money to spend on ensuring we get back first time if/when we are relegated.
Can't see this being true, considering we miss out on £50-60m of revenue (taking into account the 1st parachute payment) if we get relegated.
Ashley absolutely would take 17th each season but his willingness to throw money at the problem (in 2013 and 2016) if we are in trouble shows he doesn't want to get relegated in my mind.