Mort: We could have folded

Toon chairman reveals extent of club's problems

Last updated: 26th September 2007

Mort: We could have folded

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Newcastle United were 'close to folding like a pack of cards' before Mike Ashley's takeover at St James' Park, according to chairman Chris Mort.

The oft controversial regime of Freddy Shepherd in the North East regularly drew strong reaction from the club's supporters, but Mort - installed by Ashley - has now revealed that the usurped chief had let huge debts build up.

Mort was surprised upon his appointment at the level of debt accrued, with figures of £75million cited in the deficit column.

And he claims the club was in real danger of going into meltdown prior to Ashley's timely intervention.

"We were surprised at how bad the financial position was - they were in big trouble," Mort told The Sun.

"If the old board had not refinanced the club by the end of the financial year on 30th June, it would have folded like a pack of cards."