Mike Ashley ($4.2bn): Ashley is the founder of Sports Direct, the UK's largest sporting goods retailer. Ashley - born in Walsall - launched Sports Direct in 1982 at just 18 years old, growing it into a business with around 800 stores. In 2007, he took the company public, earning $1.8 billion from its IPO. That same year, he purchased the iconic soccer club Newcastle United, which he sold in 2021 to a consortium backed by Saudi Arabia's sovereign wealth fund for approximately $400 million. In 2019, Ashley rebranded Sports Direct's parent company as Frasers Group following the acquisition of department store chain House of Fraser. He stepped down from the Frasers Group board of directors in 2022, passing the CEO role to his son-in-law, Michael Murray.placeholder image
Mike Ashley ($4.2bn): Ashley is the founder of Sports Direct, the UK's largest sporting goods retailer. Ashley - born in Walsall - launched Sports Direct in 1982 at just 18 years old, growing it into a business with around 800 stores. In 2007, he took the company public, earning $1.8 billion from its IPO. That same year, he purchased the iconic soccer club Newcastle United, which he sold in 2021 to a consortium backed by Saudi Arabia's sovereign wealth fund for approximately $400 million. In 2019, Ashley rebranded Sports Direct's parent company as Frasers Group following the acquisition of department store chain House of Fraser. He stepped down from the Frasers Group board of directors in 2022, passing the CEO role to his son-in-law, Michael Murray. | Getty Images
Mike Ashley is thought to be considering a bid worth £10million to save cash-strapped Sheffield Wednesday.
Mike Ashley must reportedly stump up £50million to save Sheffield Wednesday and make an eye-catching return to football.
The Sports Direct tycoon has merged as a front-runner to buy the Owls - placed into administration earlier this month. Ashley has maintained an arm’s length interest in football since selling Newcastle United for £305million in October 2021.
He bought Coventry City’s stadium in 2022 and doubled his money when he sold the ground back to the club for £40million earlier this year. Opportunistic businessman Ashley was also in contention to buy Derby County during their cash troubles three years ago.
Mike Ashley interest in Sheffield Wednesday
Ashley and former Crystal Palace owner John Textor - who sold his shares in the club following the Europa League fiasco for £190million earlier this year - are the two big names linked with a potential takeover. Neither billionaire is thought of fondly at their previous clubs in English football but have the wealth to steady the ship at Hillsborough.
A sale has been taken out of owner Dejphon Chansiri’s hands following the administration. Recovery specialists Begbies Traynor are now handling the situation and have demanded proof of funds worth £50million.
The Telegraph report that this is the fee that has been slapped on Wednesday despite the 12-point deduction that almost guarantees relegation to League One. In true Ashley fashion, it is claimed he has been preparing a £10million bid.
NewcastleWorld’s sister title, The Star, understands a soft deadline for interested parties is November 21. A two-week negotiation period will follow, with the preferred bidder chosen on December 5.
England cricket legend speaks out
England cricket legend Michael Vaughan - a lifelong Owl - believes Ashley can do a similar job to Sunderland’s owners and take Wednesday back to the big time. He wrote in The Telegraph: “Every fan, myself included, is hopeful someone has the vision. I wouldn’t mind a Mike Ashley-style owner. People criticise him but I look enviously at where Newcastle are now, so you never know.
“It’ll be a long road back but it might be that someone sees them as more attractive now than they did a couple of weeks ago. Someone with a vision and a bit of cash, I hope they would recognise that Sheffield Wednesday has so much potential to be built up to a position of strength again.
“I look at another North East club, Sunderland, as inspiration. They have been through the mire but are back in the Premier League. We are a similar style club to Sunderland. It will take time and money, but there is some hope because of the fanbase, the history, and great city.”
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‘I’m a negative’ - Mike Ashley
Rewind to a time when Ashley gave arguably his most honest account of his time as Newcastle owner. He told the Daily Mail in 2019: “I'm a negative to that football club. It's not a secret. I don't feel sorry for myself. It is down to me, not Newcastle.
“I give myself one out of five in some aspects because I made proper mistakes, and football isn't a very forgiving place. I didn't just shoot myself in the foot; I blew my own leg off.
“People would look at me and think I'd gone temporarily insane. They didn't know what I was doing. It is so much bigger than when I got involved. I thought at the time I could put in £10million, £20million and it would make a big difference. And it would have done. Now - it's nothing.
“Put in £10million and it's a joke. OK, that's how the market is. But it's not something I can afford, and it's not something Newcastle can afford while I own it. The overriding reality is that I am just not wealthy enough to own Newcastle. I genuinely believe you need £1billion. People say £500million but I'd bet anyone that these days you can't do it for that. Not to compete at the very top.”
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