He's got a point. Under Ashley they've only spent £519m on players and had to endure 2 seasons in the Championship, going up as winners both times.
Clearly that's far worse than administration, ending up in L2, playing in Northampton and Birmingham, renting the stadium built for you from a London rugby club and being amazed when the club pays £1m for a player, which has I think only happened 3 times for us while Ashley was owner of Newcastle and spending half a billion on players (Eastwood, Hamer and Gyokeres are the only 3 I can remember). You've got to feel sorry for them.