To be fair though, I know for certain one member of the Newcastle faithful who will have thrown his shirt away and won't be sat in the crowd among the fans at the next game...
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I think he'll have to sell. If he doesn't, the fans just won't turn up. Whatever his expertise in other lines of business, he clearly had no clue about football or Newcastle. Hiring Keegan was a poor choice for him (not for the club or the fans), since Keegan is essentially unfireable except at massive cost (as he's now seeing). Similarly, Shearer was undroppable.
I don't think Ashley realizes the esteem Keegan is held in. The club were a shambles and going nowhere in the early 80s when Keegan (who could have played for any decent first division club if he'd wanted) came to Newcastle completely out of the blue and helped the club to promotion. I remember the atmosphere at the ground was electric. He was easily the best player to wear the black and white since Milburn, and possibly since Gallacher (Hugh, not Kevin).
But the club ownership messed up again and allowed a squad that included the three finest players in England Waddle, Gascoigne and Beardsley to disintegrate and end up on the verge of being relegated to the third division in 1991-2.
So Keegan turns up again. People hoped he'd get the team into the Premier League and that was about it. Instead he challenged for the title and produced the most attractive football ever seen in the league. Again the owners tried to mess him around, so he left.
Ashley doesn't understand that there are likely some people on Tyneside who would give their lives to save Kevin Keegan's. The man is a deity up there.
The fans won't stand for this. If he tries to keep on with the Gnome as DOF and buying nobodies, not only will fans stop turning up, but the current squad will just mail in performances.
If he doesn't sell, I hope the club get relegated. This will hit Ashley in the wallet - his only vital organ.