Toon must wait for the Ashley millions

Newcastle's new owner Mike Ashley has warned fans he will not splash cash until he has thoroughly investigated the state of the club.

The Buckinghamshire-based billionaire has sent out his document to shareholders offering 101p a share and the majority are expected to follow chairman Freddy Shepherd's lead and sell their stake.

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But Ashley, part of the team who met new £5.5million signing Joey Barton this week, has said the new company, St James' Holdings Ltd, will be prudent before he invests his millions in the Tyneside club.

The document warns: "Mike Ashley has funds to make available through SJHL for investment. However, before finalising the amount he is willing to invest, Mike Ashley will want to undertake a thorough stragetic review of Newcastle United, including its current infrastructure, contractural arrangements, playing staff and financial position."

It described the proposed acquisition as "the most significant event off the field for the club for many years".