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Newcastle receive near £300m takeover bid

MIKE ASHLEY could be out of Newcastle by Christmas after the club received a near £300m bid from Amanda Staveley’s PCP Capital Partners.

The Toon owner put the Magpies up for sale last month and Staveley quickly emerged as the frontrunner, acting on behalf of the mega-rich Middle East Company.

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.

Now sources at St James’ Park have confirmed PCP Capital Partners have tabled a formal bid and are seeking “exclusively on talks.”

The ball is now firmly in Ashley’s court and he must decide whether to accept the bid which is understood to be well below the price he is demanding.

Ashley values Newcastle, he bought a decade ago, in the region of £400m.

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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.

But during his time at the helm, Newcastle have been relegated twice, costing them millions of pounds in TV revenue and Ashley has been hugely unpopular with the Toon Army.

Though any bid in excess of £262m would give him a profit, there is no indication that Ashley will accept the bid.

While it has now been confirmed a bid is on the table, talks are set to continue until agreement is reached.





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Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

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