It is being reported that Ashley’s representatives have agreed terms with Dubai’s Zabeel Investments.
Mike Ashley – has deal been agreed with Zabeel Investments?
There was a reported meeting last night with the Company in Dubai, and they were said to be willing to pay up to £300M for the Newcastle club. That would give Mike Ashley a 25% gain on his investment in a short 16 months, and we think that amount would be acceptable to him.
Ashley paid £133M initially for Newcastle and then he added another £110M to pay down the massive debt he inherited.
As we reported this morning if this Group buys Newcastle, their intention is to reinstate Kevin Keegan as manager of the club.
These reports are however very sketchy right now, and there is nothing on the Arabian Business site – so we cannot confirm whether there is any truth in them, but we certainly hope they are true.
We think most Newcastle fans would be happy if this news is indeed true.
As we reported this morning, under Al Hashimi, Zabeel Investments has built up a huge portfolio in its first year, incorporating property development, construction, hospitality, media, finance and education. The group also invested in Abraaj Capital early in 2007, and more recently, the company invested in DICAM’s $2B Global Strategic Equities Fund. DICAM is the asset management subsidiary of Dubai International Capital LLC.