£300m Takeover Bid Reportedly Tabled For Newcastle United

Andrew Cummings
November 21, 2017

Amanda Staveley's consortium has offered an estimated £300m to take Newcaslte United off Mike Ashley's hands.

The two parties have been in talks for several weeks though within St James' Park, the feeling was that negotiations could stretch into the New Year.

PCP's money is a combination of Ms Staveley's equity and that of her major investors, which include funds based in the Middle East.

Magpie fans are waking up to news their club could be nearer being sold.

However, it is understood that if Mr Ashley's hopes of concluding a deal by Christmas are to be realised then agreement would be needed soon.

And Staveley has begun her formal process to takeover from Ashley - with her bid expected to be negotiated with the Sports Direct tycoon over the coming weeks.

The sports retail magnate bought the club off Sir John Hall, his son Douglas and the late Freddy Shepherd for £133m in 2007 and latest accounts suggest he has since put in £129m in interest-free loans.

If Ashley, who would be disinclined to spend during the coming window, lost Benítez, the club would become infinitely less attractive to potential buyers and a third relegation in his decade long tenure could become a real danger.

The 44-year-old watched Newcastle's 1-1 home draw against Liverpool on 1 October.

A spokesman for Ms Staveley declined to comment on Monday night, while Mr Ashley's spokesman could not be reached for comment.

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