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Newcastle United subject to £300 million takeover

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A financial firm headed by British businesswoman Amanda Staveley has tabled a formal takeover bid in the region of £300m for Newcastle United.

PCP Capital Partners has been in talks with club owner Mike Ashley for about a month, and reports suggest an offer has now been made.

Newcastle are yet to comment publicly on the news, although reports say a club source has disputed the value of the bid.

Ashley said on 16 October he wanted to sell after 10 years in charge. He reportedly dropped the asking price to £380m in an attempt to complete a sale by the end of the year.

Ashley bought Newcastle for £134.4m in 2007. Their latest accounts - up to 30 June 2016 and before the club's relegation to the Championship - showed a profit of £900,000 and turnover of £126m in 2015-16.

Staveley helped broker the purchase of Manchester City by Sheikh Mansour bin-Zayed bin Sultan Al Nahyan in 2009, and it was reported she led Dubai International Capital's £400m bid for Liverpool in 2008.

JC

Posted in Club news, Company news and tagged Newcastle United, takeover on