Ashley - Mags could follow QPR

Owner seeks new partners to help Magpies compete

Last updated: 12th July 2008   Subscribe to RSS Feed

Ashley - Mags could follow QPR

Ashley: Seeking new investment

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Newcastle owner Mike Ashley admits the Magpies could follow the QPR route and have several billionaire owners.

Ashley says the London club's example is 'very interesting' and it is something Newcastle need to look at.

Super rich Flavio Briatore, Bernie Ecclestone and Lakshmi Mittal have joined forces at Loftus Road to fund their push back to the Premier League.

And despite mounting speculation, billionaire Ashley insists he does not want to sell the club but would welcome partners to assist him so Newcastle can compete at the highest level.

He told The Times: "The QPR model looks very interesting. It is something that Newcastle needs to look at.

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"It has got to be able to compete. Newcastle is not something you make a profit on, you have to enjoy it and love it.

"If we had some multi-billionaire that wanted a stake in Newcastle it will help, but sell the club? It's not the same answer."

There has been mounting speculation in recent days that Ashley is set to sell the club, with US private equity fund InterMedia Partners and the Saudi Binladin Group named as potential buyers.

But Ashley, whose Sports Direct company announced a huge drop in profits this week, has insisted Newcastle is not for sale.

And he has also moved to end suggestions his real passion is for Tottenham.

He said: "It's not true. I absolutely hate Spurs and always have done."