Oh yeah they always recycle the money well enough, but Newcastle pays for itself with the fan base and attendances they get. If you look at their transfer spending since he took over:
2007-08 - In: £25m, Out: £16m
2008-09 - In: £22m, Out: £33m
2009-10 - In: £4.5m, Out: £24.5m
2010-11 - In: £12m, Out: £35m
2011-12 - In: £22m, Out: £13m
2012-13 - In: £18.7m, Out: £7m
2013-14 - In: £0.35m, Out: £19.85m
2014-15 - In: £35.4m, Out: £12.4m
Total in: £139.95m, Total out: £160.75m
Spend per season: -£2.6m
Break even stuff, just what you'd expect from someone like Ashley and how he made his money.