MIKE ASHLEY has issued a stark warning over Newcastle United’s future prospects, admitting it will be a “challenge” to ensure the club remains in the Premier League over the next few seasons.

MASH Holdings, the umbrella group that deals with all of Ashley’s various shareholdings, issued their financial accounts to April 2018 earlier today, and while the majority of the financial figures contained within the document had already been published in Newcastle United’s accounts, the club’s owner pulled no punches in assessing the future risk of relegation.

Signing off the accounts document, Ashley said: “The club will have challenges to face as it looks to remain in the Premier League subsequent to the 2019-20 season.”

Given that those comments were made on October 24, they can be interpreted as Ashley’s up-to-date assessment of where Newcastle currently stand. In a separate part of the document, the accounts accept one of the biggest risks to MASH Holdings is Newcastle absence from the Premier League for a “prolonged period…due to the impact on revenue streams”.

The document also references the ongoing HMRC investigation into Newcastle’s tax affairs, and admits the club have received a series of demands from the authorities.

It said: “Newcastle United Football Company Limited (NUFCL) received claims from HMRC relating to alleged underpayment of tax and national insurance, and interest to date thereon. The amount that has been claimed by HMRC has been assessed by the director and an accrual has been made in the group’s financial statements.

“In the opinion of the director, at this stage in the process, there is insufficient information available to enable him to make a reliable estimate of either the un-accrued amount of any liability which may ultimately arise in this regard, or when any such sums may become payable.”

The MASH accounts also touch on the controversial Strawberry Place proposals, that could see a redevelopment of the area in front of the Gallowgate End block views of St James’ Park.

The accounts confirm a £9m agreement was struck for the sale of the land, but state that if “landlord’s consent” is not obtained by June 2020, then “either party can terminate the contract”.