Mike Ashley has spent a stunning amount of money over the past year, and the former Newcastle United owner is reportedly considering a Sheffield Wednesday acquisition.
Mike Ashley, the former Newcastle United owner, was compelled to pay a massive sum of tax as part of his possible buy of Sheffield Wednesday. The wealthy businessman, 61, gained his fortune by founding the Sports Direct brand before buying the Magpies in 2007.
Ashley’s net worth is £3.12 billion, according to last year’s Sunday Times Rich List. His retail empire estimates that it has paid more than £1 billion in corporation tax since 2007, although his HMRC payment has decreased during the last year.
He’s still had to pay a high price, though. Ashley is tenth on the recently announced Sunday Times Tax List, having paid £175.6 million last year.
In the United Kingdom, just eight individuals and households paid more income tax than him. Ashley, who sold Newcastle to their present owners for a whopping £300 million in 2021, could be about to return to football, according to claims linking him with Sheffield Wednesday.
His massive tax loss was revealed a month ago, and the struggling Championship club has already been relegated from English football’s second flight since then.
Wednesday’s 2-1 defeat to rivals Sheffield United last week condemned the club to League One football next season due to financial difficulties. Earlier this week, it was announced that Ashley’s representative would meet with Wednesday’s administrators to discuss a potential takeover.
After the James Bord-led group withdrew out of a £47.8 million bid for the Yorkshire club, Ashley may be able to end his five-year absence from ownership.
In an open letter to fans written by the Bord consortium, former owner Dejphon Chansiri, who was fired from the club after it went into administration in October, was directly blamed for the Owls’ decline.
A section of it stated, “We have joyfully observed Wednesday from afar for many years. It is a club whose greatness has been tarnished over the years by careless owners who have forgotten or willfully ignored your passion, history, and value.
“You earned and still deserve better. Unfortunately, due to the club’s history of mismanagement and underinvestment, our significant bid cannot be justified.We hoped to play a constructive long-term role as caretakers of one of the best clubs in English football, guiding 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 only one point on the board after being deducted 18 points, Wednesday return to action on Saturday, hosting Southampton.
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