Why Mike Ashley sold Newcastle United as Sheffield Wednesday takeover talk rumbles on | OneFootball

FLW take a look at the reasons why he sold the Magpies in 2021

With former Newcastle United owner Mike Ashley a leading candidate to take over Sheffield Wednesday, FLW take a look at the reasons why he sold the Magpies.

This comes after The Guardian reported that 61-year-old Ashley is poised to make a £10m opening offer for the South Yorkshire side.

He has apparently already satisfied Begbies Traynor’s requirement to demonstrate access to £50m in proof of funds, something Kris Wigfield - one of the joint administrators - alluded to in his statement to Wednesdayites on November 5th.

Given that Ashley sold Newcastle to Saudi Arabia's Public Investment Fund for £300m in 2021, this wouldn't have been an issue for the businessman to do - but there may be some slight doubts about his potential plans for the Owls given how rocky his time was in the North East.

After all, he said he wanted to sell the Premier League club in 2017 - four years before it eventually happened.

The reasons behind Mike Ashley selling Newcastle United

FILE PHOTO: Soccer Football - FA Cup Fourth Round Replay - Oxford United v Newcastle United - Kassam Stadium, Oxford, Britain - February 4, 2020 Newcastle United fans with a banner directed at owner Mike Ashley REUTERS/David Klein/File Photo

After 14 years at the helm, the eventual sale between Ashley and the Saudis certainly represented far more than a simple change of ownership.

His decision to sell the club to the Saudi-backed consortium marked the end of one of English football's most controversial reigns, which included two Premier League relegations.

Where the potential Wednesday doubts might fall would be that Ashley's tenure had been defined by what many viewed as one that treated Newcastle solely as a business rather than a football club.

Ashley, who purchased controlling shares in the Magpies for £134 million in 2007, had spent years attempting to operate the club along the same principles that had made Sports Direct so successful.

For added context, he founded the retail company in 1982 - and it's what made him a billionaire. Basically, he wanted to get the most out of his money to an extreme extent.

The club's commercial potential, which may have initially attracted him to St James' Park, never amounted to having "fun" or winning any trophies, which Ashley said he wanted to do at the start.

Moreover, the relentless protests and boycotts from the Magpies supporters created an increasingly hostile situation for Ashley, who hardly ever visited home games.

For instance, In 2018, to mark the 11th year Ashley owned the club, some Newcastle United fans walked in late to a match, with claims it would "bring global attention to the repulsive way Ashley runs" the club.

Should Ashley succeed in buying Wednesday, he would almost certainly prioritise getting stable financially over any short-term sporting success.

It's worth noting that when he owned them, Newcastle finished in the Premier League's top ten three times in fourteen seasons and qualified for European football just once - and their fans grew tired of finishing mid-table.

But, it's not like Wednesday are anywhere near that stage just yet. Ultimately, the Owls need an owner with both the money and experience to successfully run a football club.

Whether that owner must also satisfy any ambitions the supporters have is probably a secondary consideration at this moment.

According to Sky Sports, Ashley's transfer policy at Newcastle was to buy young players and sell them on at a profit. Given that Wednesday can't buy anyone with a fee until 2027, he wouldn't upset any fans on that front.

It remains to be seen whether he'll actually become the new owner of the club, but the issues that made him sell Newcastle aren't likely to happen again in Sheffield given what's gone before.