These are the economies of scale I’ve mentioned before after previous relegations. His income reduces- but so do his overheads. Additionally factor in (1) Newcastle will still offer Ashley a platform to advertise his tat as sky put Newcastle on just about every game in the championship and (2) he saddles the club with more debt as “loans” (effectively to himself) money to ensure they stay afloat.
Where this becomes more risky next season is (a) that his big earners are pretty shit and may not get a move and he could be saddled with them and (b) unlike with a coach the players loved and respected (Hughton) or a pragmatic tactician who was also highly respected (Benitez), he has left himself with a complete cabbage who neither can motivate nor orchestrate anything like a semblance of a tactic. Remember where villa were in the championship before they were rid?
For those that consider the only way to get rid of Ashley is a prolonged period outside of the premier league, this may very well occur now. For me, I would say Newcastle are now on the brink of complete ruination.