Home Football English Football Newcastle United’s £300m Takeover Is Finally Close To Completion

Newcastle United’s £300m Takeover Is Finally Close To Completion

Newcastle United could finally have a new owner in the near future, with talks progressing well for Mike Ashley to finally sell the club in a £300m deal.

British businesswoman Amanda Staveley has, according to multiple sources on Wednesday, made a second, offer of around £300m for the club – £50m higher than her previous rejected offer – and is hopeful that talks can now move finally towards a sale to her and the investment firm she runs, PCP Capital Partners.

Ashley had been holding out for £350m to hand over control of Newcastle United, but given the fact that £300m would represent a sizeable profit of the £130 he paid for the club in 2007, as well as his subsequent further investment to try and make the Magpies successful, he is reportedly likely to accept the offer and sever ties with them.

There is also the fact that, with Newcastle’s form as poor as it is right now and with manager Rafa Benitez demanding money for new signings on an almost daily basis at this stage, investment in the playing in the playing squad is essential. However, a drawn-out sale would mean that Ashley would likely have to finance transfers out of his own pocket next month.

Premier League rules state that any takeover cannot be completed until an approval period of 30 days has passed, meaning that Ashley will almost certainly still have the reins until February at the earliest, but a compromise could be reached whereby Stavely would reimburse the current owner for whatever finances he gives Benitez in the January transfer window. Realistically, though, that could only be agreed upon if takeover talks are at a suitably advanced stage.

NEWCASTLE UPON TYNE, ENGLAND - DECEMBER 09: Manager Rafael Benitez of Newcastle United at St. James Park ahead of the Premier League match between Newcastle United and Leicester City at St. James Park on December 9th, 2017 in Newcastle Upon Tyne, United Kingdom  (Photo by Plumb Images/Leicester City FC via Getty Images)

For now, Newcastle are simply saying that nothing has been signed yet between the two parties but optimism is growing that a deal can be done soon.

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