Ashley not seeking loan repayment

Newcastle owner Mike Ashley has insisted he is not looking for his interest-free loan to the club to be repaid.

Latest financial figures show Ashley has loaned the club £111m (€130m), which is repayable on request.

There has been speculation, since Ashley announced there would be no capital outlay on players this summer, that he would instead look to recover what he is owed following the Magpies’ return to the Barclays Premier League.

But Ashley has now moved to scotch the rumours.

A statement released via the club’s official website, www.nufc.co.uk, said: “In relation to recent media speculation following the statement made by the club on May 9, Newcastle United would like to make it clear that owner Mike Ashley is not looking for his interest-free loan to be repaid, or to take any money out of the club.”

The club's initial statement, which was released on Sunday evening, revealed an estimated operating loss for the last two years of almost £70m (€82m) and pointed to stringent budgeting as a five-year plan designed to reach the break-even point swings into action.

Manager Chris Hughton will have to attempt to strengthen his squad after winning promotion from the Coca-Cola Championship with Bosman free transfers and loan signings, or generate cash by selling members of the existing playing staff.

But Ashley, who pumped £36m (€42m) into the club last season alone, is adamant the estimated £60million windfall which will come the club’s way as a result of winning back their top-flight status will not go straight into his pocket, as has been suggested in some circles.

The Magpies carried a wage bill of in excess of £40m (€47m) last season, reduced by almost half on the previous campaign but still massive for the second tier, and while Nicky Butt’s has decided to leave St James’ Park along with the departure of Fabrice Pancrate, that will not fall significantly.

But the Ashley regime is determined to curb the spending which landed the business with such sizeable debts in the first place, and that means the purse strings will remain tightly knotted.

Hughton has already indicated he expects no further departures and a handful of arrivals this summer, and his wheeling and dealing will have to be shrewd if Newcastle are to survive.

Striker Andy Carroll has been linked with Stoke and defender Steven Taylor with Bolton, but Carroll for one is keen to stay with his home-town club.

He said: “I think most people know that I don’t want to leave. It’s always been my ambition to play for Newcastle United and score goals at St James’ Park, and that’s what I have been able to do.

“I have always said that if I get the opportunities to play, I will score goals, and hopefully that continues. I have been at Newcastle since I was 10 and I’m totally committed.”