Mike Ashley Not Looking to Retain Advertising Rights at Newcastle After Club Is Sold

Mike Ashley wants absolutely nothing to do with Newcastle after the club takeover is complete.

The controversial owner is still very keen on selling the club, despite having rejected an initial bid of nearly £300m from Amanda Stavely and PCP Capital, and does not want to retain the advertising rights at St James' Park when they're sold, according to the Daily Star.

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Stavely's bid falls way short of the £380m Ashley wants, but the parties are still locked in discussion and an agreement is believed to be close.

The Sports Direct branding should be completely gone following the impending sale of the club, per Starsport. Ashley did not pay anything to have the red and blue logos put all over the stadium, and the branding campaign did not sit well with supporters, who will be pleased to see them taken down.

Ashley was made to revert to the name St James' Park after fans protested over him changing it to the Sports Direct Arena, but all of the signs remained.

The businessman bought the Magpies 10 years ago for £170m and they have been relegated twice under his ownership, losing millions in the process. However, with the way things have shaped up in football, in addition to the new TV rights deals, plus Newcastle having a big-name manager in Rafa Benitez, Ashley reckons that the club is worth almost three times more than he spent in 2007.

Stavely's offer, meanwhile, is said to have been contained various clauses, including a cheaper fee if the club get relegated or get hit with penalties as a result of the ongoing HMRC tax investigations.