Newcastle United Takeover Deal Worth £300m Close

By Daily Sports on April 15, 2020

A Newcastle United takeover has taken a step closer after new documents show that owner Mike Ashley has entered into a charge agreement with potential buyer Amanda Staveley.

Financier Staveley is leading a bid which involves Saudi Arabia’s sovereign wealth fund and the Reuben Brothers.

It is understood to be worth £300m.

The 31-page charge agreement lodged at Companies House lays the legal groundwork for a potential deal to be completed.

The documents include details of a £150m claim related to Staveley’s firm, PCP Capital Partners, and its long-running legal case against Barclays Bank PLC.

The Premier League has also been informed of the potential deal and are understood to have begun the process of carrying out checks under its owners and directors test.

Newcastle and Staveley would not comment when approached by BBC Sport.

Ashley said in October 2017 he wanted to sell the club after 10 years in charge.

Initially, the deal was said to have been worth £340m, but the latest development will encourage many Newcastle fans who want to see Ashley end his association with the club, having taken over in 2007.

Supporters have cited a lack of ambition and have also criticised his conduct during the coronavirus pandemic where the club has charged fans for next season's season tickets.

There has also been disappointment at Newcastle being one of three Premier League clubs to have placed their non-playing staff on furlough.

News of Saudi Arabia’s sovereign wealth fund being involved in a takeover first emerged in January.

At that stage talks were described as “advanced” but “complicated” and there was criticism of Saudi Arabia’s human rights record from Amnesty International.

Staveley, who is believed to want a 10% stake in Newcastle, first attempted to buy the club in 2018.

Sports finance expert Kieran Maguire told BBC Sport: “These are steps you’d expect to take place in respect of a takeover, it seems that things have accelerated.

“The trouble with Mike Ashley is that until you see the final documents, it’s never completed but the other parties would not waste their time like this unless there had been progress in terms of a takeover.” (BBC)

•PHOTO: Newcastle owner Mike Ashley

Source Daily Sports

Posted April 15, 2020


 

You may also like...
Warren wants George Groves vs. Billy Joe Saunders...

Euro 2020 Quarter-Final Clash: England Shouldn’t Scare Ukraine...

Ramsey Scores As Juventus Maintain Pressure On Top...

Adesanya opens up on Pereira loss

Eubank Jr: “George Groves is getting knocked out...

Nigeria beat South Africa to win 9th AWCON...

 

Latest News Nigeria beat Cameroon to reach IHF final 27 schools for Doregos Basketball Championship Super Falcons to play France’s Les Bleues in friendly SWAN suspends ban on coverage of Anambra FA activities Joshua among boxing’s top three earners in 2024 Oshoala makes history with Bay FC Nnamani hails team over IHF bright start Flamingos lift U-17 W’Cup Fair Play Trophy Rangers Intl, SWAN partner on sports collaboration in SE LAGOS SWAN CELEBRATES AIG ZONE 2 ON HIS BIRTHDAY AND 30 DAYS IN OFFICE Traders Cup: Upholstery Soccer Team Secured 2nd Win To Advance To Round Two Lagos SWAN Celebrates Oba Akiolu, Iyaloja General, AIG Fayoade

 

Most Read Rangers International going, going . . . (55,140 views) Amaju Pinnick: A cat with nine lives (46,267 views) Second Term: Amaju Pinnick, Other NFF Heavyweights Home to Roost •How Pinnick Broke the Jinx (44,349 views) Missing $150,000 IAAF Grant: Solomon Dalung’s Hide and Seek game (43,989 views) Sports Development: Zenith Bank on the zenith (43,930 views) Current issues in Nigerian sports: Matters arising (43,877 views) Gov. Abdullahi Ganduje’s solid footprints, commitment to sports development in Kano State (43,717 views) NFF Presidency: Pinnick, Maigari, Ogunjobi, Okoye in Battle for Supremacy (43,287 views) Olopade, BET9A wave of revolution in NNL (42,331 views) Commonwealth Games 2018: Shame of Muhammadu Buhari, Solomon Dalung (41,034 views) Ibrahimovic’s Man U exit: Whose decision is it? And in whose interest? (39,487 views) John Mikel Obi: Segun Odegbami’s Outrageous Call! (38,915 views)

 

Phone numbers

Tel: +234(0)8066020976
+234(0)8055068145
+234(0)7013416146
+234(0)8094272884

Email addresses

info@dailysportsng.com
support@dailysportsng.com
publisher@dailysportsng.com

Office address

No 3, Adetoun Close, Off College Road, Ogba, Ikeja Lagos.
Website: www.dailysportsng.com

Social Media