Newcastle Football
Club owner, Mike Ashley.
Newcastle United owner Mike Ashley has reported a loss of
£20million for 2008.
However, it is an improvement from 2007 when the club lost
£31.4million.
Despite the mounting losses, Ashley will continue to fund the
company.
"This funding, together with newly-agreed bank facilities, has
been incorporated into the directors' cash flow forecast for the
group,” he said.
"These forecasts indicate that the group can continue to meet
its debts as they fall due for a period of at least 12 months from
the date of approval of these financial statements.
"The directors have also received a commitment from its parent
undertaking, St James Holdings Ltd, and from the ultimate
controlling party, Mr MJW Ashley, that they will continue to
provide the group with financial support so that it can meet its
debts as they fall due for a period of at least 12 months from the
date of approval of these financial statements or up until the date
of any changing control.
"On this basis, the directors have prepared the financial
statements on a going-concern basis."