Mike Ashley's warning from history to Newcastle United fans as Saudi takeover edges nearer

And the rest, as they say, is history. It’s now only a matter of time before Ashley himself is consigned to history on Tyneside after 13 years of woe, failings, embarrassments and shame.

But what can we learn from those opening statements of Ashley’s acquisition, with the Magpies’ £300million takeover by a Saudi consortium – led by the Public Investment Fund of Saudi Arabia – in mind?

Here’s a warning from history, in Ashley and Hall’s words.

The background – deal detail

This was a deal which came out of the blue.

Few on Tyneside had ever heard the name Mike Ashley, little did they know his was a name which would become so deeply, negatively ingrained in their psyche.

The self-made billionare retail magnate, 13 years ago today bought a 41.6% holding in United, launching what would turn out to be a takeover totalling £133million.

Ashley set up St James’ Holdings Limited as a shell company to facilitate the purchase of the club, and paid £55million for Sir John Hall and his family’s stake.

Due to stock exchange rules, Ashley was then forced into making a cash offer for the remaining shares in the football club, owned in the main by then chairman Freddy Shepherd.

As part of the deal Hall was named club life president.

What Hall said about the deal?

"Newcastle United has a wonderful heritage and the passion of its fans is legendary.

"I am sure that, like me, they are already excited about the prospects for next season under the new manager's stewardship.

"I have been associated with the direction of Newcastle United for nearly 20 years. In that time, I have led the club and, before I retired, led the team responsible for the modernisation of the club we all see today. It is now time for me to move on and let others take up the challenge of competing in the global marketplace.

"Mike Ashley is a major player in the sporting world and I am convinced that he is the right person to take my place and take the club forward. I am sure he will be good for the club and its loyal fans and indeed for the region. I wish him the very best and hope he enjoys it as much as I have. He has my full backing."

What did Ashley say about buying NUFC?

The announcement: "I am delighted to have this opportunity to invest in Newcastle United. The club has a fantastic infrastructure, for which Sir John and the board must take much of the credit. I am pleased that Sir John has agreed to remain as life president of the club.”

The speed of the deal: “It was the quickest I’ve ever done a deal of that size – we’re talking only a few days. I was told there was an opportunity to acquire Sir John Hall’s stake in Newcastle United, that he may be a seller but only if somebody acted without any delay because he didn’t want to cause any form of disruption for the club.

“The last thing Sir John wanted was a long drawn-out affair because he feared that wouldn’t be good for Newcastle United.

“The deal was put to me on a Saturday. By the Monday, in advance of speaking to Sir John, I’d deposited the equivalent of money we hoped he would accept for his shares at the lawyers and on the Tuesday the deal was effectively done.

“Maybe I could have bought a smaller club, but it just wouldn’t have been the same challenge. It’s like settling for the high jump when really you want to do the pole vault – you want more excitement so you go higher.

“I was being offered the chance to own one of the jewels, one of the diamonds of the Premier League. There was no hesitation.”

On club finances: “Did (we do) due diligence before buying? The answer has to be no. But would I change anything about that process? No. Do I regret anything? Absolutely not.”