Newcastle owner Mike Ashley is desperate to sell the club after it dropped out of the Premier League. The sports store millionaire has seemingly accepted he will suffer a huge loss on his investment in the northeast club after spending a reported $370 million.
The Magpies issued an official statement setting a price as Keith Harris, chairman of investment bankers Seymour Pierce, continued his search for buyers. The statement reads: "The board of Newcastle United can today confirm that the club is for sale at the price of £100m ($160 million). Interested parties should contact Newcastle United at admin@nufc.co.uk (or Keith Harris at Seymour Pierce) for further details.
Despite the club's stature, it might struggle to sell at that asking price. The club is burdened with a wage bill of around $120 million. Also, another second division club, Sheffield Wednesday, is on the market for much less, at around $56 million. The lack of a stable owner might undermine Newcastle's hopes of bouncing back to the Premier League next season.