Jump directly to the content
laughed out of toon

Newcastle owner Mike Ashley to reject Amanda Staveley’s first takeover bid of £300million as it is just short of asking price

AMANDA STAVELEY is considering coming back with a bigger bid for Newcastle with Mike Ashley set to reject her first offer.

The Yorkshirewoman's PCP Capital Partners firm have offered just shy of £300million, broken down in instalments and including a clause which grants them compensation should the Toon be relegated this season.

 Mike Ashley is ready to reject the first takeover bid made for Newcastle
3
Mike Ashley is ready to reject the first takeover bid made for NewcastleCredit: PA:Empics Sport

But Ashley, who values the club at nearer £400m, is not willing to do a deal at that price or with that clause inserted.

So Staveley will have to up her offer if she wants to take control of Newcastle.

Dialogue between the two parties is continuing and both are keen for a deal to take place.

But Staveley's PCP company have not yet been granted a period of exclusivity from Ashley, meaning other parties could still potentially come in with counter offers.


WHO IS AMANDA STAVELEY? The lowdown on the billionaire financier keen to buy Newcastle


 

 Amanda Staveley's consortium are looking to take control at St James' Park
3
Amanda Staveley's consortium are looking to take control at St James' ParkCredit: Getty Images - Getty
Amanda Staveley’s PCP Capital Partners has lodged a formal bid for Newcastle United

Given the difference in valuation, it looks unlikely at this stage that a takeover will be completed by Christmas - Ashley's initial timeframe.

And that would mean a frustrating January transfer window for Rafa Benitez, who would have little cash to spend if Ashley was still in power.


 

FALL GUY Oumar Niasse first Premier League star charged for diving by the FA


Staveley signed a non-disclosure agreement last month and her bid has come after looking over the Toon's books.

Her initial offer is so much lower than Ashley's asking price because of the current HMRC investigation into Newcastle, which could result in the club receiving a significant fine if they were found to have broken any rules.

 

Should the takeover be successful, Staveley would be the Toon's new chief executive.

But the money she has offered is a combination of her own equity and that of PCP's major investors, including funds based in the Middle East.

The slow pace of the proposed takeover will be frustrating for manager Benitez as the January transfer window approaches.

 Rafa Benitez is keen for funds to be made available in the January transfer window
3
Rafa Benitez is keen for funds to be made available in the January transfer windowCredit: Getty Images - Getty

Ashley had indicated he wanted to quit by Christmas, but it is now unlikely that will happen.

And Benitez will know the current owner is hardly likely to want to fund major investment in players when he is about to sell up.

Topics