Mike Ashley Admits Newcastle 'Cannot Compete' on Financial Front With Premier League Big Guns

In a rare interview discussing the pressures of modern day football and the daily battle clubs like Newcastle have against teams with cash to burn, owner Mike Ashley said that the Magpies 'can not compete' with the likes of Manchester City in the transfer market and manager Rafa Benitez could have limited funds.

Speaking to Sky Sports, the Sports Direct owner who has often been under pressure from the loyal Geordie fans, despite the constant bouncing between the Premier League and Championship, claims that he doesn't have the finances in cash to cope with the huge transfer fees and wages rivals clubs can offer.

"If you said to me I am wealthy - in theory I am a billionaire or maybe a multi-billionaire - but in reality my wealth is all in Sports Direct shares," claimed the Newcastle owner.

"As I said the other day, it is like wallpaper. I don't have that cash in the bank so I don't have the ability to write a cheque for £200m. I don't have it, it's simple.

This will not be music to the ears of Spanish boss Benitez who has so far admitted his frustration in not being able to strengthen his squad to compete in the difficult and challenging Premier League.

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Ashley admits that the club or himself have no where near the resources to challenge the mega rich owners who back a number of Premier League clubs.

"And I have to make it clear that I am nowhere near wealthy enough in football now to compete with the likes of Man City and others where it is a wealthy individual taking on what is the equivalent of countries," added Ashley, insisting "I cannot and I will not."

The Magpies will have their work cut out if they hope to consolidate the clubs position as a Premier League outfit, in particular when you consider the amount of money being spent elsewhere.