Former Newcastle United owner Mike Ashley was compelled to surrender a substantial portion of his income in tax ahead of his prospective takeover of Sheffield Wednesday. The billionaire entrepreneur, 61, amassed his wealth through establishing the Sports Direct empire before acquiring the Magpies in 2007.
Ashley's net worth stands at £3.12billion, according to last year's Sunday Times Rich List. His retail empire calculates that it has contributed more than £1bn in corporation tax since 2007, though his HMRC liability has decreased over the past year. He's still been required to pay a considerable sum, however. Ashley features ninth in the recently published Sunday Times Tax List, having paid £175.6m last year.
Just eight individuals and families contributed more tax than him in the UK. Ashley - who sold Newcastle to their present ownership for a reported fee of £300m in 2021 - could be poised for a return to football amid speculation linking him to Sheffield Wednesday.
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Earlier this week, reports emerged that Ashley's representative was scheduled to conduct discussions with Wednesday's administrators concerning a potential acquisition. Following the James Bord-led consortium's withdrawal from a £47.8million purchase of the Yorkshire outfit, a chance for Ashley to conclude his five-year absence from club ownership could materialise.
Previous owner Dejphon Chansiri, who was removed from the club last October following its entry into administration, was explicitly held responsible for the Owls' decline in an open letter to supporters penned by the Bord consortium. An excerpt stated: "We have fondly watched Wednesday from afar for many years. It is a club whose glory has been diminished over the years by poor owners who forgot or intentionally disregarded your passion, your history and your value.
"You deserved, and deserve, better. Tragically, the historic mishandling of the club and pattern of catastrophic under-investment means our sizeable binding bid can no longer be justified. We genuinely believed we could play a positive long-term role as custodians of one of the greatest clubs in English football and wanted to help guide Sheffield Wednesday towards a brighter future.
"While we leave this process with a sense of regret, our admiration for the club and its supporters remains undiminished and it will always hold a special place in our hearts." With merely a single point to their name after an 18-point deduction, Wednesday are set to return to action on Saturday as they welcome Southampton.