Mike Ashley weighing up £500m Tyneside return five years after Newcastle United sale
A familiar face for Newcastle United fans is considering a bid for a historic site on Tyneside.
Former Newcastle United owner Mike Ashley could be in line for a shock return to the North East - according to reports.
The North London-based billionaire saw his 14-year ownership of the Magpies brought to an end in October 2021 when he agreed a £330million deal with a consortium led by the Saudi Arabia Public Investment Fund that heralded the start of a new era at St James Park. Ashley’s own reign brought several controversial moments as the Sports Direct founder oversaw messy fallouts with club legends Kevin Keegan and Alan Shearer and attempted to rebrand St James Park as the Sports Direct Arena in a bid to attract new sponsors. However, it was a perceived lack of ambition and investment throughout his time on Tyneside that caused more anger and frustration for United supporters.
After his 14-year tenure at Newcastle came to an end, Ashley told The Sun: “Owning a football club gets into your blood and l would love nothing more than to see Newcastle winning trophies. I accept that during my time at Newcastle we have not achieved the club’s full potential on the field. But I do believe that away from the pitch we got many things right. I am proud to leave the club on a solid financial footing with no debts, which is obviously a good foundation for the club going forward.”
Since departing Tyneside, Ashley has been linked with potential takeovers at Sheffield Wednesday, Derby County and Reading - but his latest reported move has come in the world of retail after his Frasers Group were said to be ‘weighing up a £500m bid’ for the Metrocentre in Gateshead. Sky News have reported Frasers are amongst several parties considering an offer for what remains the biggest shopping centre in the United Kingdom outside of London.
The Metrocentre was put up for sale by current owners Sovereign Centros, who have owned the site since 2020 when previous owners Intu went into administration after racking up a reported debt of around £4.5billion. The retail site will celebrate its 40th anniversary this year after former Magpies chairman Sir John Hall oversaw its development during the mid-1980s before the full site officially opened for business in October 1986.
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