ackas 311 Posted July 28, 2009 Share Posted July 28, 2009 In terms of seismic levels of surprise, Tuesday morning’s ‘development’ that the Profitable Group has withdrawn its interest in purchasing Newcastle United is right up there with the following sensational breaking news story: Britain can be a bit rainy. This is not a setback and nor should it be a cause of particular anguish because, put brutally, you cannot withdraw from a race you have not entered. Which is not the same as saying that events at St James’ Park are running smoothly. While the sale of the club drags on, the start of the new season is now hurtling towards us - 11 days and counting - and we hardly need to trawl through that familiar, depressing list of concern. But for the sake of recent coma victims or the masochistic, here goes; an absentee owner, no manager, no buys, no sales, a 6-1 defeat at Leyton Orient. The position Newcastle find themselves in has barely shifted within the last fortnight and it is a desperate one. Negotiations with interested parties are ongoing, but the proximity of the Coca Cola Championship must surely serve to focus the minds of those involved. Soon we will be caught up in the maelstrom of matches and a transfer window which would be a crucial factor for any new custodians of the club will be nearing its conclusion. We know that the extent of Newcastle’s overdraft - which is said to stand at anywhere between £35m and £40m - has tangled matters and that advice given to Mike Ashley by Seymour Pierce, the bank charged with selling the club, to reduce it by selling some high-earning players has not yet been taken. We know that after a short break, Keith Harris, Seymour Pierce’s executive chairman, returns to his desk this week. It has been stated in this space previously that a useful rule of thumb during the whole takeover process has been to give least attention to the companies or bidders who make the most noise. There are reasons for that, from the very real presence of confidentiality agreements with preferred bidders, to the more general theory that serious candidates simply do not need to whip up publicity. From the start, the Profitable Group - and they have not been alone - have not been shy in announcing their intentions, yet it is understood that while they made contact with Seymour Pierce, they never provided the necessary guarantees proving they could afford Ashley’s £100m asking price. For that reason, they were not provided access to the data room in which Newcastle’s troubled finances were laid bare. It scarcely matters whether Profitable had ambitious ‘plans’ for Newcastle, whether they spoke to Alan Shearer about his prospective appointment as manager, because from the viewpoint of those involved in the sale, they were never viable, substantive candidates, which is why they have not been mentioned here. For whatever purpose (motive in this whole issue would be an interesting, separate debate - why the hell did Ashley buy Newcastle in the first place?), they have effectively added to the confusion and instability surrounding the club. Only one group of people have suffered from the debacle and it is the same group as always; the club’s supporters. From Ashley and Derek Llambias, Newcastle’s managing director, they have heard next to nothing, genuine bidders are unable or, at this stage, unwilling to comment publicly and those who have broken cover have merely contributed to an interminable farce. In the meantime and with no public face to quash them, rumours spread across Tyneside. Will Ashley cut his losses and seek to place Newcastle, with their crippling wage bill, into administration (something which is being discussed openly at the club’s training ground)? Will the banks demand that a portion of the club’s overdraft is repaid at the end of this month, obliging Ashley to either pour in more of his own money or take a more drastic step? How will it all end? Will it? Until something changes, Newcastle cannot hope to set their own agenda. Is a 6-1 hammering at Brisbane Road a bigger sign of decline than an earlier 7-2 victory at Darlington a suggestion of uplift? Is the fact that 25,000 season tickets have been sold an indication of draining support or, given the context, a remarkable demonstration of loyalty? For now, everything at St James’ Park is viewed within a prism of disillusion. The recent takeover of Southampton showed that from a position of apparent despair, redemption can follow very quickly. There are absolutely no guarantees that something similar will happen at Newcastle (and the longer the wait goes on, the less likely it must become), but, equally, it still could. At present, fans can do little other than cross their fingers and ignore all the froth. The arrival of Leeds United on Wednesday for a pre-season fixture that is unlikely to sit comfortably in the friendly categorically will be another moment of psychology. There are parallels between the clubs which those of a black and white persuasion will not wish to contemplate but probably should, because Newcastle have consistently demonstrated that things can always get worse. But the Profitable Group are not another symptom of it; they are an irrelevance. http://timesonline.typepad.com/thegame/200...s-critical.html Link to comment Share on other sites More sharing options...
ender4 0 Posted July 28, 2009 Share Posted July 28, 2009 good article. speaks sense. Link to comment Share on other sites More sharing options...
trophyshy 7094 Posted July 28, 2009 Share Posted July 28, 2009 Prism of disillusion, nice. Link to comment Share on other sites More sharing options...
Jimbo 175 Posted July 28, 2009 Share Posted July 28, 2009 Yet another quality article, his heart is certainly in the right place when it comes to the fortunes of NUFC, and more cause to believe that the Proftiable group were only ever in it for the publicity. Link to comment Share on other sites More sharing options...
Fop 1 Posted July 28, 2009 Share Posted July 28, 2009 You know we're in the when the press gets behind us. Link to comment Share on other sites More sharing options...
Tom 14021 Posted July 28, 2009 Share Posted July 28, 2009 Good article. Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted July 28, 2009 Share Posted July 28, 2009 You know we're in the when the press gets behind us. He's a lifelong fan of the club. Link to comment Share on other sites More sharing options...
Fop 1 Posted July 28, 2009 Share Posted July 28, 2009 You know we're in the when the press gets behind us. He's a lifelong fan of the club. In which case we're going to win the league. Link to comment Share on other sites More sharing options...
meshman 0 Posted July 28, 2009 Share Posted July 28, 2009 (edited) We know that after a short break, Keith Harris, Seymour Pierce’s executive chairman, returns to his desk this week. with or without Orville ? (who could probably do a better job tbh) Edited July 28, 2009 by meshman Link to comment Share on other sites More sharing options...
Guest alex Posted July 28, 2009 Share Posted July 28, 2009 You know we're in the when the press gets behind us. He's been talking sense the whole time about what's gone on under Ashley tbf. He does support us, which helps, but he also manages to avoid most of the cliches surrounding us. I suppose Henry Winter falls into a similar category. I doubt it'll make much difference to the average tabloid reader though somehow. Link to comment Share on other sites More sharing options...
NJS 4446 Posted July 28, 2009 Share Posted July 28, 2009 What pissed me off in that (otherwise spot on) was the note that Harris had been away "on a short break" - if that has held anything up its a fucking disgrace and the twat should lose money for it. Link to comment Share on other sites More sharing options...
ackas 311 Posted July 28, 2009 Author Share Posted July 28, 2009 What pissed me off in that (otherwise spot on) was the note that Harris had been away "on a short break" - if that has held anything up its a fucking disgrace and the twat should lose money for it. I think what is more likely to be holding things up is the price of the club, the size of the overdraft and the debt owed to Ashley. Keith Harris being away for a long weekend isn't going to hold up anything at all. Link to comment Share on other sites More sharing options...
trophyshy 7094 Posted July 28, 2009 Share Posted July 28, 2009 What pissed me off in that (otherwise spot on) was the note that Harris had been away "on a short break" - if that has held anything up its a fucking disgrace and the twat should lose money for it. I think what is more likely to be holding things up is the price of the club, the size of the overdraft and the debt owed to Ashley. Keith Harris being away for a long weekend isn't going to hold up anything at all. He might have held up cuddles tbf. Link to comment Share on other sites More sharing options...
NJS 4446 Posted July 28, 2009 Share Posted July 28, 2009 What pissed me off in that (otherwise spot on) was the note that Harris had been away "on a short break" - if that has held anything up its a fucking disgrace and the twat should lose money for it. I think what is more likely to be holding things up is the price of the club, the size of the overdraft and the debt owed to Ashley. Keith Harris being away for a long weekend isn't going to hold up anything at all. I realise that - I just expect the twats to be on the case 24/7. Link to comment Share on other sites More sharing options...
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