Mike Ashley loses £176 million in earnings ahead of the Sheffield Wednesday takeover update.

Mike Ashley has seen a substantial portion of his earnings swallowed by tax payments over the past year, even as speculation intensifies over a possible takeover of Sheffield Wednesday. The former Newcastle United owner reportedly paid an eye-watering £175.6 million in tax, placing him among the UK’s biggest contributors, at a time when he is being linked with a return to football ownership.

Mike Ashley ranks among the UK’s highest taxpayers(Image: Getty Images)

Ashley, 61, amassed his vast fortune through the creation and expansion of the Sports Direct retail empire before purchasing Newcastle United back in 2007. Over the years, his business operations have generated enormous revenue, and according to the most recent edition of The Sunday Times Rich List, his net worth currently stands at £3.12 billion. Since 2007, his retail conglomerate claims to have paid more than £1 billion in corporation tax alone.

Although reports suggest his tax bill to HMRC has decreased compared to previous years, the amount he handed over remains staggering. The newly published Sunday Times Tax List ranks Ashley ninth among the UK’s top taxpayers, with only eight individuals or families contributing more in the last year. The £175.6 million figure underscores the scale of his financial dealings and continued prominence within British business circles.

Ashley stepped away from Newcastle in 2021, selling the club to its current ownership group for a reported £300 million. That sale appeared to signal the end of his involvement in football, at least for the foreseeable future. However, recent developments suggest he could be preparing for a comeback, with his name emerging in connection with Sheffield Wednesday’s ongoing ownership uncertainty.

The news of Ashley’s significant tax outlay surfaced approximately a month ago. Since then, Sheffield Wednesday’s on-field situation has deteriorated further. The struggling Championship outfit have now been relegated to League One following a 2–1 defeat to fierce rivals Sheffield United. The loss confirmed their drop to the third tier amid a wider financial crisis engulfing the club.

It was reported earlier this week that a representative acting on Ashley’s behalf was due to hold discussions with Wednesday’s administrators regarding the prospect of a takeover. The opportunity has arisen following the collapse of a proposed £47.8 million acquisition by a consortium led by James Bord. Their withdrawal has reopened the door for alternative bidders, potentially paving the way for Ashley to end his five-year absence from club ownership.

Sheffield Wednesday were relegated from the Championship last week(Image: PA)

Sheffield Wednesday’s recent troubles have been compounded by administrative turmoil. Former owner Dejphon Chansiri was removed from his position last October after the club entered administration. In an open letter addressed to supporters, the Bord-led consortium laid much of the blame for the club’s decline at Chansiri’s door.

The letter expressed longstanding affection for the club but criticised what it described as years of poor stewardship. It stated that Sheffield Wednesday’s historic stature had been eroded by ownership that either failed to appreciate or actively neglected the passion, heritage, and value of the fanbase. The consortium argued that supporters deserved far better than what they had experienced.

However, the group ultimately concluded that the club’s pattern of mismanagement and chronic under-investment made their sizeable binding offer no longer viable. While they had hoped to act as long-term custodians capable of steering one of English football’s most storied institutions toward recovery, they admitted their bid could not be justified under the circumstances.

Despite stepping away from negotiations, the consortium maintained that their admiration for Sheffield Wednesday and its supporters remained intact, adding that the club would always hold a special place in their hearts.

On the pitch, the Owls’ struggles are stark. Having been docked 18 points, they have managed to collect just a single point so far. Their immediate focus shifts to a home fixture against Southampton FC on Saturday as they prepare for life in League One next season.

Against this turbulent backdrop, Ashley’s potential involvement represents a dramatic twist. Whether he ultimately proceeds with a takeover remains to be seen, but his considerable wealth and history in football ownership ensure that any move he makes will attract significant attention.

Now, the ‘elite’ manager is considering a move away from his club to join West Brom

West Bromwich Albion are once again facing uncertainty in the dugout, with reports suggesting that former head coach Carlos Corberan could be open to a dramatic return to The Hawthorns. According to Sports Boom, the Spaniard is weighing up his future at Valencia CF amid growing pressure in La Liga, and a reunion with Albion is now a genuine possibility.

Owner Shilen Patel is searching for his third manager of the campaign after two unsuccessful appointments this season. The Baggies gambled on inexperience by handing opportunities to Ryan Mason and Eric Ramsay, but neither tenure delivered the upturn in form the club desperately needed. Ramsay’s exit was particularly abrupt, as he was dismissed just 90 minutes after a frustrating 1–1 draw with Charlton Athletic on Tuesday evening. That result left Albion hovering just a single point above the Championship relegation zone, intensifying fears of a potential drop.

The statistics paint a bleak picture. West Brom are still searching for their first league victory of 2026, and their winless streak has now stretched to ten matches. A side that was competing in the playoffs only two years ago now finds itself locked in a desperate battle to preserve its Championship status. The contrast is stark, particularly considering the club’s ambitions not so long ago, when they were pushing for promotion and even faced Southampton FC in the postseason.

Corberan’s previous spell at Albion remains fresh in supporters’ memories. The 42-year-old guided the club into the top six despite operating with a tighter budget than promotion rivals such as Southampton and Leeds United. His ability to organise a disciplined, resilient side earned admiration across the division. Although some fans occasionally voiced frustration at the team’s pragmatic and sometimes cautious attacking approach, few could argue with the results he achieved under challenging financial constraints.

Now, circumstances may align for a reunion. Sports Boom reports that Corberan is under increasing scrutiny at Valencia, who are themselves embroiled in a relegation scrap in Spain’s top flight. The Mestalla outfit currently sit only two places and two points above the La Liga bottom three, leaving the manager’s position far from secure. If he were to part ways with the Spanish club, West Brom could attempt to move swiftly to bring him back to the West Midlands.

For Albion, securing Corberan would represent a major statement of intent. During his initial tenure, he posted a 44 percent win rate, a respectable return given the instability and limited resources he inherited. Beyond the numbers, he fostered a strong connection with supporters at The Hawthorns, many of whom still regard him as the ideal figure to steady the ship in turbulent times. His emphasis on structure, defensive solidity, and tactical clarity could be precisely what the team requires as they fight for survival.

In the immediate term, the Baggies face a pivotal encounter against 23rd-placed Oxford United at the Kassam Stadium. The clash is widely viewed as a must-win fixture, with both sides desperate for points at the wrong end of the table. Beyond that, the schedule grows increasingly daunting. Albion are set to meet a run of opponents chasing playoff ambitions, including Southampton, Hull City, Bristol City, and Wrexham AFC. Collecting points from those encounters will be no small task, particularly without stability on the touchline.

The central dilemma for Patel is timing. West Brom may admire Corberan and believe he is the right long-term solution, but they can ill afford to wait indefinitely for developments in Spain. Every passing week without a permanent managerial appointment risks further damaging morale and momentum. The squad needs clarity, direction, and renewed confidence immediately, not at some uncertain point in the future.

Yet football often turns on emotion as much as logic. An emotional return for Corberan could energise both players and fans, rekindling the unity that once propelled Albion toward the playoff places. Even if his style prioritises narrow, hard-fought victories over expansive football, many supporters would gladly accept a series of 1–0 wins if it guarantees safety. Survival, after all, is the overriding objective.

As speculation intensifies, attention now shifts to Patel’s next move. Will he act decisively to install a new head coach without delay, or will he gamble on circumstances unfolding at Valencia and attempt to lure Corberan back to The Hawthorns? With the relegation battle tightening and confidence fragile, the coming days could prove decisive in shaping West Bromwich Albion’s future trajectory