Mike Ashley ultimately made a profit of more than £195m from the sale of Newcastle United.
That is according to the latest annual report and financial statements filed by Mash Holdings, Ashley's private investment vehicle, for the year ending April 24, 2022. The accounts confirm, as widely reported, that Ashley sold the club for £305m in October, 2021 and, also, that the former owner made a substantial profit from the sale to a consortium made up of Saudi Arabia's Public Investment Fund (PIF), Amanda Staveley and Jamie Reuben.
"On October 7, 2021, the group disposed of the entire share capital of Newcastle United Football Club Limited and its subsidiaries for a total consideration of £305m," an excerpt from the strategic report read. "A profit on disposal of £195.7m has been recognised in the current year after taking into account the net assets disposed of (£107.8m) and legal fees connected with the sale (£1.5m).
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"Included in these financial statements are losses of £13.2m arising from the group's interest in Newcastle United Football Club up to the date of its disposal."
The accounts for St James' Holdings, which Ashley set up to buy Newcastle in 2007, have also been filed on Companies House. These reveal that Ashley plans to 'utilise the company as an investment holding company for future projects'.
Ashley, who previously owned a stake in Rangers, has yet to take control of another football club since leaving Newcastle but the Frasers Group did buy the CBS Arena, the home of Coventry City, last year. Coventry were issued with an eviction notice just a few weeks later, after failing to agree terms on a new tenancy agreement, but a five-year arrangement has since been struck to enable the Sky Blues to keep playing at the stadium.
