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I'm thinking Ashley will have learnt his lesson with his management team sending Newcastle into the Championship, and Benitez, has wrested enough control to make sure the club will be run his way rather than Ashley's.
Of the teams that have or will come up, Newcastle (with Benitez there) are one who could leave a mark.. Not sure about winning the league, but spending big to get into the top four-six isn't beyond them.. And Benitez loves a cup game, so Champions League entry via Europa League win doesn't seem that far fetched...
Chris Hughton got them out of that league 11 points ahead of runners up playing good football and got the sack later on.
Ashley isn't the most logical person in the world. You honestly think they can do a Leicester?