The Magpies are currently just one point clear of the relegation zone after 10 matches, and Waugh has made it very clear as to how badly dropping out of the top flight would affect the value of the club.
Writing during a Q&A for The Athletic, he said: “There are definitely still parties interested, but translating that interest into a firm bid is another matter.
“I think Newcastle’s perilous position in the Premier League makes a takeover unlikely in the short term.
“If someone was to buy the club now, they would risk seeing their investment reduce in value by half by the end of the season.”
This is entirely understandable, but nonetheless quite concerning. For obvious reasons, nobody wants to buy a sinking ship, especially when the price is so extortionately high, but from a Toon perspective, things are drifting perilously close to vicious circle territory. Things aren’t going to get better until you find a new buyer, but a new buyer is going to be hard to come by until thing get better. And so this miserable saga plods on and on. If Steve Bruce can keep this side up, and there’s no saying that he won’t, then the other issue you have is whether or not Ashley is going to be willing to sell a Premier League club that is still making him money. It’s a conundrum, and in some ways, as defeatist and illogical as it sounds, it’s hard not to wonder whether relegation and a change of ownership is the best way for the club to go. It would be a gamble, and a massive one at that, but there may be no other way of getting rid of the current owner.