The Sunday Mirror has exposed the story ... suggesting Ashley could fold the club at will ... IF he wanted to.
The shock revelation comes in Newcastle’s latest balance sheet which shows net current liabilities of £154.3m and a net loss of £15.2m on the 2008/09 relegation campaign.
Significantly, Ashley has changed the terms of the loan to make the £111m payable whenever he requests it rather than having to wait until there is a change of ownership.
We are not suggesting Ashley WOULD fold the club, because he would lose a hell of a lot more than £111m if he did ... but this little "stumbling block" is obviously the reason all five "perspective buyers" pulled out last Christmas.
Rumour had it Ashley had written off the debts at the club, and anyone with £100m could take it off his hands.
That certainly is NOT the case any more.