Newcastle owner hit hard by the banking crisis

It certainly seems to be raining sh*t on Mike Ashley right now.

Earlier this year, we told you how the Sports Direct mogul had gambled away £129m, by losing £300,000 for every penny that Halifax Bank of Scotland’s shares moved. He lost that wedge when HBOS saw £3bn wiped off their value in a single day in March, and the recent misfortunes of the banking and insurance group have further dented the rotund Newcastle owner’s coffer.

Early last week, before Lloyds TSB rode in on a black stallion to offer a rescue package for HBOS, Ashley was said to be down £380m, but now the share price has recovered to around £2.22, his overall losses are nearer the £300m mark.

With this demonstration of financial nous (not to mention his tendency to miss meetings), it seems the ‘maverick renegade’ of the city will continue to struggle to find someone to pay his over-inflated asking price for Newcastle Utd.

[Daily Mail]