NUST want to buy Newcastle United from Mike Ashley

Nov 11 2009 by Adam Jupp, The Journal

A GROUP representing Newcastle United fans yesterday launched a campaign to buy the club from owner Mike Ashley.

Newcastle United Supporters’ Trust (NUST) kicked off the Yes We Can initiative, describing the plans as the “ultimate protest”.

It says it has the backing of unnamed business figures, who will give their support and bolster the funds raised by fans themselves.

The Trust sent out emails to 40,000 supporters across the globe in a bid to encourage them to pledge their backing to the campaign through a deposit, put into a bank account to prove to Mr Ashley the money is available to stage a buy-out.

Launching the campaign on Newcastle and Gateshead’s quaysides, NUST spokesman Mark Jensen said “We have emailed over 40,000 supporters to ask them if and how they want to buy into the campaign to lead a city-wide bid to buy back the club.

“There are a number of ways supporters can buy into the model – which has been dubbed by the financial community as the ‘Barcelona on the Tyne’ – which would see a democratisation of the club to ensure the current state of the club would not be repeated.

“The idea is based on fans investing in the club through a number of financial opportunities which will be held by a local solicitor in an escrow account to demonstrate to Mr Ashley that the fans have proof of funds. Supporters will be asked to pledge 10% of their investment into this account and guaranteed that the money will be returned if the bid fails.

“It is clear that we have no knight in shining armour to end the charade at St James’ Park so we must look at how we can do this ourselves.

“The club is a fantastic investment if run properly and we aim to attract the type of investors who will seek to bring back the values of integrity and honesty to the club. We’ve been in discussions with serious people in the city and beyond and they have thrown down the gauntlet to supporters to lead the charge.

“We’ve been obsessed by protest but this is the ultimate protest. If people want more info they can visit www.nust.org.uk and find out more.

“There are a range of ways to invest, but fans can be sure that it will be on a ’one investor one vote’ basis with fans electing six fans’ representatives through the Trust and a President who will bring in a professional team accountable to the fans ultimately. There are serious investors who want to back this idea because they can see the potential in the club. This is an investment which is not only ruled by the heart but by the head also.”

NUST says the campaign will last six weeks, during which time details of those who have given their backing will emerge. A spokesman for independent fans’ website nufc.com said: “A succession of real and imagined bids have failed to bring about a change of ownership at SJP and in the meantime, the dignity and standing of the club has steadily been eroded.

“Saturday’s home game proved that unprecedented numbers of Newcastle supporters are sticking with the team, while demonstrating opposition to the current administration and their plans.

“There’s never been a better time to try and channel the energy of those protests into something tangible. That’s why we’re pleased to support the efforts of these lads and lasses and we’re interested in the detail of their proposals.”