Sam: Ashley only in Toon to make profit

October 7, 2008

Former Newcastle manager Sam Allardyce claims Mike Ashley's takeover of the club was driven by the billionaire's desire for a quick profit.

The sportswear tycoon is currently in talks with up to eight consortia as he looks to sell after just 16 months at the helm.

Ashley opted to walk away from St James' Park in the wake of fans' outrage over the departure of Kevin Keegan, who quit as manager after alleging boardroom interference in his transfer dealings.

The owner's acrimonious exit from the Tyneside club looks set to be soothed by a healthy profit on what he paid in June 2007 - even taking into account his outlay since.

And Allardyce, sacked by Ashley before he brought in Keegan, believes that was always in the businessman's mind when he launched his takeover bid for Newcastle.

"It is crystal clear now what the motives were for Mike Ashley," the former Bolton boss said.

"I think that he did buy the club in the hope that he could quickly sell it on for a vast profit."

The Magpies currently sit third bottom of the Premier League after claiming a single point from their last five games.

"It is going from bad to horrendous and there is part of me that thinks I'm glad I'm out of it," Allardyce added on talkSPORT.

"I thought Kevin was going to get the money I didn't get - but the continuous sales and players moving in and out over the summer obviously caused him to conclude the job was untenable and the club was thrown into chaos."