Financially and Emotionally Bankrupt

Its looking like another dark cloud is drifting over Tyneside. In the wake of the demise of our little brother at Blue Star (who at least had a good season on the pitch), it has emerged that Mike Ashley is willing to cut and run on NUFC.
If this is true and he is willing to take £100m for the club the it shows how poor the finances have been managed. With reportedly £50m of debt having developed over the past season, you can see why a season in the Championship with a £70m wage bill is not looking too appealing to the ex bllionaire.
Realsitically much of this is driven by disasterous boardroom appointments and managerial changes. Allardyce (£5m), Keegan (£8m), Wise (£3m), Kinnear (£2m), Hughton (£1m), Calderwood (£1m), coaching staff (£1m) and other administration staff (£1m) will have not helped the finances. The money spent on Shearer and Dowie (up to £1.5m) is realistically the sort of total spend we need for the whole of next season on management. Any new regime needs to think about this before bending over backwards and offering the world to Shearer.
With the wage bill of the squad and general running costs Newcastle would need to be brining in £150m next season to break even. In the Championship this will not be possible. If Newcastle can bring in £50m next season then that will be a strong financial performance in that league, so we are desperate to be back in the top flight within two seasons otherwise the longer term future is dire.
Assuming that Ashley sells up and the new buyer can pump in £40m to clear the overdraft, then every single player in the first team squad needs to be put up for sale. Its great news that some players want to stay, but we can't afford them - they all need to go, as the wage bill needs to drop from the current £74m to below £30m.
Things are obviously far worse than first thought. No messiah can change things, only sensible business planning.