Various: Mike Ashley in talks with Sheikh Khaled bin Zayed Al Nehayan

[Parky]

Someone clarify or correct.

 

Ashley's initial loan was him paying off the club debt because he didn't do due dilligence?

 

So the club value was what he paid plus that loan to make the club debt-free.  What would that figure be, circa 250m?

 

Any other money spent in the interim since then was part and parcel of running a football club and in addition he's had free advertising and, to my knowledge, has had some of the debt serviced, yes?

 

The TV money dosn't come into the clubs value imo as all the clubs get TV money and it is therefore not a special consideration.

 

The reason I am asking these questions is to try and decide if £250m was ridiculously low, or £380m was ridiculously high.

 

 

 

250m is low. That is what the club was worth a decade ago. With the new PL money top tier clubs can become decent investment vehicles if managed correctly. IMO Newcastle has other advantages over run of the mill PL clubs as well.

 

You have to factor in the value of the playing squad though, and they're arguably worth less than every other team in the league. The stadium, training ground, commercial opportunities, general infrastructure etc. have a lot of value but ultimately any new owner will have to make up for Ashley's shortcomings in the transfer market and that needs to be taken into account. £250m isn't cheap when you need to invest £100m+ in the first team just to stabilise things.

If we had 2-3 world class players then £300-£350m is probably about right

 

I could make a couple of calls and raise 250. As you say the real nub is the other 200/300m odd to make the squad and everything competitive. It is a club that in a decade with the right investment and vision could be a permanent top 4/5 fixture.

 

[Shays Given Tim Flowers]

Thought if the club sold for Ashley's valuation he would have made a decent profit despite 10 years of mismanagement? That's before you come onto the ancillary benefits. 

[bealios]

Someone clarify or correct.

 

Ashley's initial loan was him paying off the club debt because he didn't do due dilligence?

 

So the club value was what he paid plus that loan to make the club debt-free.  What would that figure be, circa 250m?

 

Any other money spent in the interim since then was part and parcel of running a football club and in addition he's had free advertising and, to my knowledge, has had some of the debt serviced, yes?

 

The TV money dosn't come into the clubs value imo as all the clubs get TV money and it is therefore not a special consideration.

 

The reason I am asking these questions is to try and decide if £250m was ridiculously low, or £380m was ridiculously high.

 

The whole lack of due diligence thing didn't mean he didn't know about the loan, it was more that he didn't realise that it became immediately repayable following a change of control. He knew the loan was there, and the price of £135m reflected that loan. If the club didn't owe £100m to the banks, the club would have been worth a lot more.

 

Being very simplistic, you could say that a debt free NUFC in 2007 was worth £235m, but the fact that there was £100m owed to banks meant Ashley was only going to pay £135m.

 

Assuming NUFC in 2018 is being sold free of Ashley's debt, then it would appear that the £250m would be a tad on the low side if you look at it as how much 2007 NUFC should have increased in value to 2018 NUFC, given the huge increase in TV money. Even after the turmoil of the last 10 years, it isn't unreasonable to suggest that a £235m 2007 NUFC has increased to at least a £300m 2018 NUFC. Perhaps more, given that the international TV money isn't going to disappear any time soon.

 

If you look at the increase in value of other Premier League clubs, then that percentage increase isn't a bad example.

 

 

 

 

[54]

Jim White has apparently said nothing has changed in the eyes on PCP, and still want to buy the club.

[TK-421]

Someone clarify or correct.

 

Ashley's initial loan was him paying off the club debt because he didn't do due dilligence?

 

So the club value was what he paid plus that loan to make the club debt-free.  What would that figure be, circa 250m?

 

Any other money spent in the interim since then was part and parcel of running a football club and in addition he's had free advertising and, to my knowledge, has had some of the debt serviced, yes?

 

The TV money dosn't come into the clubs value imo as all the clubs get TV money and it is therefore not a special consideration.

 

The reason I am asking these questions is to try and decide if £250m was ridiculously low, or £380m was ridiculously high.

 

Seem to remember (and happy be corrected on the figures) that the club cost was £134m (ish), then about £70m of debt to be paid off in change of ownership and stuff. So that £204m (ish).

 

Then, I'm sure he had to put about £40m (as an 'interest free loan') in to help keep the club running after the first relegation.

 

Then another £30m was put in (as another 'interest free loan') to help keep the club running after the last relegation?

 

So thats £274m (ish) he's personally put into the club bu way of Purchase price, paying off debt, and then new loans.

 

However, he has also been taking some money out to pay himself back, but not sure on how much - but that could bring the outlay price closer to £250m, which would be him getting his outlay back with no profit.

 

As has been stated previously, the £250m was the price with possible relegation hanging over us.

 

They allegedly bid £300m, but with clauses in event we go down.

 

Basically, the offers and counter-offers are all guesswork, based upon 'sources'. Perhaps we'll never know.

 

Can only hope the deal isn't as dead as Ashley's 'source' initially made out, and that with a bit of compromise (on both sides), it can be done by the end of the season.

 

However, for Ashley to complain of the sale process with PCP being 'exhaustive' and accusing them of wasting his time, is just laughable. If anyone has 'previous' for messing people around, its Ashley!

[Shearergol]

Jim White has apparently said nothing has changed in the eyes on PCP, and still want to buy the club.

 

Well something's obviously fucking changed given that Ashley has rejected their offer.

[Twinport53]

Jim White has apparently said nothing has changed in the eyes on PCP, and still want to buy the club.

 

Well something's obviously f***ing changed given that Ashley has rejected their offer.

 

It's just part of the NUFC soap opera that gives them clicks and views. Ashley could shoot Rafa and Sky would still say he's in with a chance of being in the dugout for Saturday. 

[Paully]

 

The whole lack of due diligence thing didn't mean he didn't know about the loan, it was more that he didn't realise that it became immediately repayable following a change of control. He knew the loan was there, and the price of £135m reflected that loan. If the club didn't owe £100m to the banks, the club would have been worth a lot more.

 

Being very simplistic, you could say that a debt free NUFC in 2007 was worth £235m, but the fact that there was £100m owed to banks meant Ashley was only going to pay £135m.

 

Assuming NUFC in 2018 is being sold free of Ashley's debt, then it would appear that the £250m would be a tad on the low side if you look at it as how much 2007 NUFC should have increased in value to 2018 NUFC, given the huge increase in TV money. Even after the turmoil of the last 10 years, it isn't unreasonable to suggest that a £235m 2007 NUFC has increased to at least a £300m 2018 NUFC. Perhaps more, given that the international TV money isn't going to disappear any time soon.

 

If you look at the increase in value of other Premier League clubs, then that percentage increase isn't a bad example.

 

 

It wasn’t a £100m loan though when he purchased it though.

 

Off top of my head;

 

He paid £129m for the Club

 

The 15 year mortgage (secured each season until 2015 via 40K season ticket sales IIRC) on level 7 became immediately due on any sale so he had to pay that and he paid up all money owed on players we had purchased (I think) – I think in total it was about an extra £74m to his £129m purchase.

 

He then had to put loans in to cover relegation in 2009 and 2016 (both the fat w*****’s fault and which he should write-off if he had any decency about him – look at how much Ellis Short has written-off down the road) to the tune of about £65m.

 

[steve_69]

Someone clarify or correct.

 

Ashley's initial loan was him paying off the club debt because he didn't do due dilligence?

 

So the club value was what he paid plus that loan to make the club debt-free.  What would that figure be, circa 250m?

 

Any other money spent in the interim since then was part and parcel of running a football club and in addition he's had free advertising and, to my knowledge, has had some of the debt serviced, yes?

 

The TV money dosn't come into the clubs value imo as all the clubs get TV money and it is therefore not a special consideration.

 

The reason I am asking these questions is to try and decide if £250m was ridiculously low, or £380m was ridiculously high.

 

Seem to remember (and happy be corrected on the figures) that the club cost was £134m (ish), then about £70m of debt to be paid off in change of ownership and stuff. So that £204m (ish).

 

Then, I'm sure he had to put about £40m (as an 'interest free loan') in to help keep the club running after the first relegation.

 

Then another £30m was put in (as another 'interest free loan') to help keep the club running after the last relegation?

 

So thats £274m (ish) he's personally put into the club bu way of Purchase price, paying off debt, and then new loans.

 

However, he has also been taking some money out to pay himself back, but not sure on how much - but that could bring the outlay price closer to £250m, which would be him getting his outlay back with no profit.

 

As has been stated previously, the £250m was the price with possible relegation hanging over us.

 

They allegedly bid £300m, but with clauses in event we go down.

 

Basically, the offers and counter-offers are all guesswork, based upon 'sources'. Perhaps we'll never know.

 

Can only hope the deal isn't as dead as Ashley's 'source' initially made out, and that with a bit of compromise (on both sides), it can be done by the end of the season.

 

However, for Ashley to complain of the sale process with PCP being 'exhaustive' and accusing them of wasting his time, is just laughable. If anyone has 'previous' for messing people around, its Ashley!

 

If that's right, that's £274m for a club that were a consistent PL fixture, with a squad that in today's market would probably be worth £200m+ on their own.

We're now a club that's been relegated twice in what, 8 years? and battled relegation in 2-3 of the seasons inbetween.  Our current squad is probably worth £100m absolute tops and our academy is a joke.

Ashley has reduced the value and standing of NUFC significantly. If it wasn't for the new TV deal he would have absolutely no right to demand even what he paid for the club, let alone a profit on top.

[TRon]

Someone clarify or correct.

 

Ashley's initial loan was him paying off the club debt because he didn't do due dilligence?

 

So the club value was what he paid plus that loan to make the club debt-free.  What would that figure be, circa 250m?

 

Any other money spent in the interim since then was part and parcel of running a football club and in addition he's had free advertising and, to my knowledge, has had some of the debt serviced, yes?

 

The TV money dosn't come into the clubs value imo as all the clubs get TV money and it is therefore not a special consideration.

 

The reason I am asking these questions is to try and decide if £250m was ridiculously low, or £380m was ridiculously high.

 

The whole lack of due diligence thing didn't mean he didn't know about the loan, it was more that he didn't realise that it became immediately repayable following a change of control. He knew the loan was there, and the price of £135m reflected that loan. If the club didn't owe £100m to the banks, the club would have been worth a lot more.

 

Being very simplistic, you could say that a debt free NUFC in 2007 was worth £235m, but the fact that there was £100m owed to banks meant Ashley was only going to pay £135m.

 

Assuming NUFC in 2018 is being sold free of Ashley's debt, then it would appear that the £250m would be a tad on the low side if you look at it as how much 2007 NUFC should have increased in value to 2018 NUFC, given the huge increase in TV money. Even after the turmoil of the last 10 years, it isn't unreasonable to suggest that a £235m 2007 NUFC has increased to at least a £300m 2018 NUFC. Perhaps more, given that the international TV money isn't going to disappear any time soon.

 

If you look at the increase in value of other Premier League clubs, then that percentage increase isn't a bad example.

 

 

 

 

 

Isn't the huge increase in TV money offset by the huge increase in player fees and wages? Also considering we have sold most of our player assets, that means we will have to spend one hell of a lot just to catch up with the rest of the division as compared to two years ago.

[Robster]

Jim White has apparently said nothing has changed in the eyes on PCP, and still want to buy the club.

Well something's obviously fucking changed given that Ashley has rejected their offer.

For now, I'm going to assume that's because of Ashley, and not PCP.

[Shearergol]

Jim White has apparently said nothing has changed in the eyes on PCP, and still want to buy the club.

Well something's obviously fucking changed given that Ashley has rejected their offer.

For now, I'm going to assume that's because of Ashley, and not PCP.

 

Oh, completely, but PCP can't just say "well the offer's still there". They even have to get back into negotiations or walk away.

 

We are obviously just going on what's coming out in the media though, which is probably about 2% of the true picture.

[steve_69]

Ashley hasn't said he's not prepared to sell to PCP, just that negotiations over the current offer are off.

Within 5 minutes they could fax through an offer for £300m and it's all back on again.

[Shearergol]

Ashley hasn't said he's not prepared to sell to PCP, just that negotiations over the current offer are off.

Within 5 minutes they could fax through an offer for £300m and it's all back on again.

 

Did they not say that their offer is still on the table? That suggest they're not increasing it.

[steve_69]

Ashley hasn't said he's not prepared to sell to PCP, just that negotiations over the current offer are off.

Within 5 minutes they could fax through an offer for £300m and it's all back on again.

 

Did they not say that their offer is still on the table? That suggest they're not increasing it.

 

Surely if someone outright rejects your offer, it's no longer on the table?

[Shearergol]

Ashley hasn't said he's not prepared to sell to PCP, just that negotiations over the current offer are off.

Within 5 minutes they could fax through an offer for £300m and it's all back on again.

 

Did they not say that their offer is still on the table? That suggest they're not increasing it.

 

Surely if someone outright rejects your offer, it's no longer on the table?

 

That's the point. Their response was "the offer is still on the table" even though Ashley rejected it.

[timeEd32]

Someone clarify or correct.

 

Ashley's initial loan was him paying off the club debt because he didn't do due dilligence?

 

So the club value was what he paid plus that loan to make the club debt-free.  What would that figure be, circa 250m?

 

Any other money spent in the interim since then was part and parcel of running a football club and in addition he's had free advertising and, to my knowledge, has had some of the debt serviced, yes?

 

The TV money dosn't come into the clubs value imo as all the clubs get TV money and it is therefore not a special consideration.

 

The reason I am asking these questions is to try and decide if £250m was ridiculously low, or £380m was ridiculously high.

 

 

250m is low. That is what the club was worth a decade ago. With the new PL money top tier clubs can become decent investment vehicles if managed correctly. IMO Newcastle has other advantages over run of the mill PL clubs as well.

 

Think this might burst a few bubbles in here, but from a business perspective we are a run of the mill PL club. We are no different than Stoke, Watford, Bournemouth, and Swansea. Just like all of them and really anyone outside the top 6, we are closer to not being a PL club at all than being a top tier club. This is why there is such a massive gap in the valuations of the top 6 and everyone else. It's hard to fathom Liverpool or Spurs being relegated so those clubs are in a similar price bracket to some American sports teams based on the massive, global TV deals, merchandise, tickets, etc. For everyone else the threat of relegation, and with it the loss of the primary revenue stream, is more real than ever.

 

The best way for Ashley to get the price he wants (and likely much more) would be to place a bet on Rafa's ability to move us into a much more secure position. Establish us as a "safe" club. But he's not going to do that so he'll continue to gamble, benefit from the global branding he's getting for free, and see if someone will eventually take the risk and pay him what he wants.

[Shearergol]

Someone clarify or correct.

 

Ashley's initial loan was him paying off the club debt because he didn't do due dilligence?

 

So the club value was what he paid plus that loan to make the club debt-free.  What would that figure be, circa 250m?

 

Any other money spent in the interim since then was part and parcel of running a football club and in addition he's had free advertising and, to my knowledge, has had some of the debt serviced, yes?

 

The TV money dosn't come into the clubs value imo as all the clubs get TV money and it is therefore not a special consideration.

 

The reason I am asking these questions is to try and decide if £250m was ridiculously low, or £380m was ridiculously high.

 

 

250m is low. That is what the club was worth a decade ago. With the new PL money top tier clubs can become decent investment vehicles if managed correctly. IMO Newcastle has other advantages over run of the mill PL clubs as well.

 

Think this might burst a few bubbles in here, but from a business perspective we are a run of the mill PL club. We are no different than Stoke, Watford, Bournemouth, and Swansea. Just like all of them and really anyone outside the top 6, we are closer to not being a PL club at all than being a top tier club. This is why there is such a massive gap in the valuations of the top 6 and everyone else. It's hard to fathom Liverpool or Spurs being relegated so those clubs are in a similar price bracket to some American sports teams based on the massive, global TV deals, merchandise, tickets, etc. For everyone else the threat of relegation, and with it the loss of the primary revenue stream, is more real than ever.

 

The best way for Ashley to get the price he wants (and likely much more) would be to place a bet on Rafa's ability to move us into a much more secure position. Establish us as a "safe" club. But he's not going to do that so he'll continue to gamble, benefit from the global branding he's getting for free, and see if someone will eventually take the risk and pay him what he wants.

 

Yep, you're right. I'm not sure anyone will disagree with you tbh. Apart from Ashley.

[AyeDubbleYoo]

I've watched enough Dragon's Den to know that valuing a company based on future potential gets you laughed back into the lift, pronto.

[Kanj]

"well if she wants it so bad, pony up and pay!!!" is the dumbest fucking counter to this I've ever read/heard.

[mrmojorisin75]

Someone clarify or correct.

 

Ashley's initial loan was him paying off the club debt because he didn't do due dilligence?

 

So the club value was what he paid plus that loan to make the club debt-free.  What would that figure be, circa 250m?

 

Any other money spent in the interim since then was part and parcel of running a football club and in addition he's had free advertising and, to my knowledge, has had some of the debt serviced, yes?

 

The TV money dosn't come into the clubs value imo as all the clubs get TV money and it is therefore not a special consideration.

 

The reason I am asking these questions is to try and decide if £250m was ridiculously low, or £380m was ridiculously high.

 

 

250m is low. That is what the club was worth a decade ago. With the new PL money top tier clubs can become decent investment vehicles if managed correctly. IMO Newcastle has other advantages over run of the mill PL clubs as well.

 

Think this might burst a few bubbles in here, but from a business perspective we are a run of the mill PL club. We are no different than Stoke, Watford, Bournemouth, and Swansea. Just like all of them and really anyone outside the top 6, we are closer to not being a PL club at all than being a top tier club. This is why there is such a massive gap in the valuations of the top 6 and everyone else. It's hard to fathom Liverpool or Spurs being relegated so those clubs are in a similar price bracket to some American sports teams based on the massive, global TV deals, merchandise, tickets, etc. For everyone else the threat of relegation, and with it the loss of the primary revenue stream, is more real than ever.

 

The best way for Ashley to get the price he wants (and likely much more) would be to place a bet on Rafa's ability to move us into a much more secure position. Establish us as a "safe" club. But he's not going to do that so he'll continue to gamble, benefit from the global branding he's getting for free, and see if someone will eventually take the risk and pay him what he wants.

 

Yep, you're right. I'm not sure anyone will disagree with you tbh. Apart from Ashley.

The difference between us and those clubs mentioned is our ground and regular crowds, but income from crowds is such a minor part of club income nowadays to render it somewhat irrelevant in this kind of valuation scenario.

 

For us it's all a potential thing. We've got a decent history, decent pl history and big crowds that could be leveraged to increase commercial income but you'd be mental to pay Mike Ashley what he wants after he's spent 10 years systematically not doing any of that.

[Carlito]

"well if she wants it so bad, pony up and pay!!!" is the dumbest f***ing counter to this I've ever read/heard.

 

Exactly. Ashley moves the goal posts. If she offered 300m he'd suddenly want 350m.

[The Bard of Byker]

Someone clarify or correct.

 

Ashley's initial loan was him paying off the club debt because he didn't do due dilligence?

 

So the club value was what he paid plus that loan to make the club debt-free.  What would that figure be, circa 250m?

 

Any other money spent in the interim since then was part and parcel of running a football club and in addition he's had free advertising and, to my knowledge, has had some of the debt serviced, yes?

 

The TV money dosn't come into the clubs value imo as all the clubs get TV money and it is therefore not a special consideration.

 

The reason I am asking these questions is to try and decide if £250m was ridiculously low, or £380m was ridiculously high.

 

 

250m is low. That is what the club was worth a decade ago. With the new PL money top tier clubs can become decent investment vehicles if managed correctly. IMO Newcastle has other advantages over run of the mill PL clubs as well.

 

Think this might burst a few bubbles in here, but from a business perspective we are a run of the mill PL club. We are no different than Stoke, Watford, Bournemouth, and Swansea. Just like all of them and really anyone outside the top 6, we are closer to not being a PL club at all than being a top tier club. This is why there is such a massive gap in the valuations of the top 6 and everyone else. It's hard to fathom Liverpool or Spurs being relegated so those clubs are in a similar price bracket to some American sports teams based on the massive, global TV deals, merchandise, tickets, etc. For everyone else the threat of relegation, and with it the loss of the primary revenue stream, is more real than ever.

 

The best way for Ashley to get the price he wants (and likely much more) would be to place a bet on Rafa's ability to move us into a much more secure position. Establish us as a "safe" club. But he's not going to do that so he'll continue to gamble, benefit from the global branding he's getting for free, and see if someone will eventually take the risk and pay him what he wants.

 

Hmm. Bigger, better stadium in a better location, bigger fanbase (with the reputation, fair or otherwise, of being particularly fanatical), a history of competing in Europe (and the CL, in fact). How can you say we're the same - in terms of potential - as the other clubs listed? Get it right - which involves risk - and we'll be going much further than a Watford or a Swansea, and more quickly.

 

We *are* one of the most attractive investment opportunities in the PL - it's us and Everton.

[timeEd32]

Someone clarify or correct.

 

Ashley's initial loan was him paying off the club debt because he didn't do due dilligence?

 

So the club value was what he paid plus that loan to make the club debt-free.  What would that figure be, circa 250m?

 

Any other money spent in the interim since then was part and parcel of running a football club and in addition he's had free advertising and, to my knowledge, has had some of the debt serviced, yes?

 

The TV money dosn't come into the clubs value imo as all the clubs get TV money and it is therefore not a special consideration.

 

The reason I am asking these questions is to try and decide if £250m was ridiculously low, or £380m was ridiculously high.

 

 

250m is low. That is what the club was worth a decade ago. With the new PL money top tier clubs can become decent investment vehicles if managed correctly. IMO Newcastle has other advantages over run of the mill PL clubs as well.

 

Think this might burst a few bubbles in here, but from a business perspective we are a run of the mill PL club. We are no different than Stoke, Watford, Bournemouth, and Swansea. Just like all of them and really anyone outside the top 6, we are closer to not being a PL club at all than being a top tier club. This is why there is such a massive gap in the valuations of the top 6 and everyone else. It's hard to fathom Liverpool or Spurs being relegated so those clubs are in a similar price bracket to some American sports teams based on the massive, global TV deals, merchandise, tickets, etc. For everyone else the threat of relegation, and with it the loss of the primary revenue stream, is more real than ever.

 

The best way for Ashley to get the price he wants (and likely much more) would be to place a bet on Rafa's ability to move us into a much more secure position. Establish us as a "safe" club. But he's not going to do that so he'll continue to gamble, benefit from the global branding he's getting for free, and see if someone will eventually take the risk and pay him what he wants.

 

Hmm. Bigger, better stadium in a better location, bigger fanbase (with the reputation, fair or otherwise, of being particularly fanatical), a history of competing in Europe (and the CL, in fact). How can you say we're the same - in terms of potential - as the other clubs listed? Get it right - which involves risk - and we'll be going much further than a Watford or a Swansea, and more quickly.

 

There's plenty of reasons we're better from a romantic point of view, but that's irrelevant unless we find out Jeff Bezos or the Sultan of Arabia is secretly a Geordie at heart.

 

The stadium and crowds are a blip on the total revenue. A history of competing in Europe is meaningless as it is history and provides exactly £0 in revenue. Even if a prospective owner was comfortable paying a bit of a premium based on our potential, our stadium, etc., it would be eye opening to calculate the cost of attempting to infiltrate the top 6 and become one of them. And if you're not one of them, you are one bad appointment and/or a few bad signings from risking your PL status and future revenue.

[The Bard of Byker]

Someone clarify or correct.

 

Ashley's initial loan was him paying off the club debt because he didn't do due dilligence?

 

So the club value was what he paid plus that loan to make the club debt-free.  What would that figure be, circa 250m?

 

Any other money spent in the interim since then was part and parcel of running a football club and in addition he's had free advertising and, to my knowledge, has had some of the debt serviced, yes?

 

The TV money dosn't come into the clubs value imo as all the clubs get TV money and it is therefore not a special consideration.

 

The reason I am asking these questions is to try and decide if £250m was ridiculously low, or £380m was ridiculously high.

 

 

250m is low. That is what the club was worth a decade ago. With the new PL money top tier clubs can become decent investment vehicles if managed correctly. IMO Newcastle has other advantages over run of the mill PL clubs as well.

 

Think this might burst a few bubbles in here, but from a business perspective we are a run of the mill PL club. We are no different than Stoke, Watford, Bournemouth, and Swansea. Just like all of them and really anyone outside the top 6, we are closer to not being a PL club at all than being a top tier club. This is why there is such a massive gap in the valuations of the top 6 and everyone else. It's hard to fathom Liverpool or Spurs being relegated so those clubs are in a similar price bracket to some American sports teams based on the massive, global TV deals, merchandise, tickets, etc. For everyone else the threat of relegation, and with it the loss of the primary revenue stream, is more real than ever.

 

The best way for Ashley to get the price he wants (and likely much more) would be to place a bet on Rafa's ability to move us into a much more secure position. Establish us as a "safe" club. But he's not going to do that so he'll continue to gamble, benefit from the global branding he's getting for free, and see if someone will eventually take the risk and pay him what he wants.

 

Hmm. Bigger, better stadium in a better location, bigger fanbase (with the reputation, fair or otherwise, of being particularly fanatical), a history of competing in Europe (and the CL, in fact). How can you say we're the same - in terms of potential - as the other clubs listed? Get it right - which involves risk - and we'll be going much further than a Watford or a Swansea, and more quickly.

 

There's plenty of reasons we're better from a romantic point of view, but that's irrelevant unless we find out Jeff Bezos or the Sultan of Arabia is secretly a Geordie at heart.

 

The stadium and crowds are a blip on the total revenue. A history of competing in Europe is meaningless as it is history and provides exactly £0 in revenue. Even if a prospective owner was comfortable paying a bit of a premium based on our potential, our stadium, etc., it would be eye opening to calculate the cost of attempting to infiltrate the top 6 and become one of them. And if you're not one of them, you are one bad appointment and/or a few bad signings from risking your PL status and future revenue.

 

I don't accept that it's 'romantic' - I've listed a mix of hard and soft assets. We have em, the others don't. The idea of 'infiltrating the top 6' isn't a helpful way of thinking about things - at least not at this stage. 7th place for a good few years would be fine by me.