Credit Crunch May Delay Newcastle Sale


Keith Harris, the former Football League chairman, who is chairman of Seymour Pierce Investment Bank, who are handling the sale of Newcastle United, is still optimistic he can still find a suitable buyer.

Keith Harris – credit crunch over by early November – don’t think so

However, the credit crunch that has become global very quickly, cannot be helping the situation at all.

Harris is aware the current unpredictability with world markets is a major concern:

“You can’t avoid being affected by the financial markets one way or another,” “We didn’t set an official deadline. But one thing I did read from the transcript from the BBC show last weekend was that the anticipated end to this was early in November and I don’t demure from that.”

“What happens between now and then is as unpredictable as what the stock market is going to do. I’m still hoping that we are going to get decent offers.”” “There was never a ‘you-must-get-your-bids-in-by’ (date) because that’s not the way you do these things.”

“What we said is that we had sent the teaser documents out. We have had a good initial response in terms of supplemental questions. We are now in the process of answering those questions.”

“We’re doing that here and getting back to people and obviously we are encouraged we’ve had those questions because if people aren’t interested they don’t bother asking questions.”  “Don’t forget that 17 is a lucky number for Mike. Think of the Newcastle shirt he used to wear.”

Well the last shirt Mike wore had King Kev on the back, which is a little ironic now.

We’re not sure the crunch will be over any time soon, and it may be that the sale will be delayed because of that, but we hope it will not, because the quicker the deal is done the better for the club, the players and the fans.

But we have to assume what Keith is saying about no deadlines and the like is the truth, because he’s the man actually handling the sale by Seymour Piece Bank.

The season is passing us by, and that’s the last we want, after the last two seasons of less than mediocrity we’ve just had.  It’s going to make it even more important now that Joe Kinnear does well, and he gets the full and complete support of the fans – for the good of the club.

Comments welcome.



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56 comments so far

  • ToonEskimo

    Oct 7, 2008 at 6:03 PM

    Comment #1

    Yeah, I’m a bit short this month, I’ll buy the club in November after I’ve sold some of the kids’ toy’s on ebay….

    0
  • Who is Derek Llambias?

    Oct 7, 2008 at 6:11 PM

    Comment #2

    mis quoting there Ed.

    When he says he expects it to be over, he’s referring to the sale of the club.

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  • John(indian toon)

    Oct 7, 2008 at 6:18 PM

    Comment #3

    Bloody shit, m pisd wit da take over shit, hope da its gets final on 17th or else m gona kill MA.

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  • M. Stockley

    Oct 7, 2008 at 6:23 PM

    Comment #4

    off subject but does anyone know when jonas will be fit?

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  • Who is Derek Llambias?

    Oct 7, 2008 at 6:28 PM

    Comment #5

    city game aparently

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  • M.stockley

    Oct 7, 2008 at 6:36 PM

    Comment #6

    Cheers mate. Lookin good 4 citeh. Id go with. Given
    Taylor beye colo bassong
    Jonas barton guthrie nzogbia
    Duff
    Owen

    0
  • TOONPIPES

    Oct 7, 2008 at 6:42 PM

    Comment #7

    Most sensible article yu have posted in a while Ed . . Thos does seem yu have misquoted the harris geezer , .there are a few people I know who seem to think le crunch cud be over, by that I mean over the worst + situation getting btter, by end first quarter next year and I can’t see it being any earlier . .I do not think there will be a re-bound so any recovery wil be slow – as I have said many times on here – nee sale of this club in the near future . . And, it suits me.

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  • magpie6699

    Oct 7, 2008 at 6:53 PM

    Comment #8

    M stockley – I think Barton is a couple of matches off yet?

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  • Thump

    Oct 7, 2008 at 7:00 PM

    Comment #9

    *bashes head against the wall*

    0
  • Nick C

    Oct 7, 2008 at 7:01 PM

    Comment #10

    My prediction. 6 months time owner = Mike Ashley, Manager = Joe Kinnear….

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  • wigaz

    Oct 7, 2008 at 7:03 PM

    Comment #11

    Bartons back for the game against the mackems. We need him back like! buts legs have well & truly gone, Barton & guthrie is the way forward. Sorry nicky i’m a fan of yours but it’s time to let the younger lads have a go. I think there’s games especially away from home when we could play all 3 of them & try to nick results.

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  • Cooper

    Oct 7, 2008 at 7:09 PM

    Comment #12

    By the way if anybody on here can get a hold of two sunderland away tickets i will pay you quite a bit for them

    i am a season ticket holder but i wont get them if i apply because i dont have enough loyalty points

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  • cause I got the girth

    Oct 7, 2008 at 7:58 PM

    Comment #13

    So there is a story today saying that there is a dead line for people wanting to place bids in with the club by October 17th, and then Kieth Harris, the man in charge of the sale comes out and gives an “official statement” and says “There was never a ‘you-must-get-your-bids-in-by’ (date) because that’s not the way you do these things.”
    Media – Fcuking idiots, Joe was right, JFK for president!

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  • ed_speed

    Oct 7, 2008 at 8:45 PM

    Comment #14

    evening lads.

    nile ranger scored again tonight, looks alrite to me he does.

    one for the future?

    regards,
    ed

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  • John(indian toon)

    Oct 7, 2008 at 8:50 PM

    Comment #15

    Shit, its in news paper dat anil ambani is eyen on spuds an west ham. GOD LET HM TURN UP AN BUY MAGPIES.

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  • Ganiyu

    Oct 7, 2008 at 9:44 PM

    Comment #16

    Any one know the result of the Nufc reserves?

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  • IrishMan

    Oct 7, 2008 at 9:49 PM

    Comment #17

    The current financial situation is a real worry regarding the sale of the club – I am not sure that it is going to happen anytime soon.

    What happened about a fans’ shareholding scheme?

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  • hitman

    Oct 7, 2008 at 9:59 PM

    Comment #18

    ashley is a tw@t the fu*ka could ov had the club sold by now,the fat greedy tw@t whats as much money as he can get.

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  • Robbo

    Oct 7, 2008 at 10:04 PM

    Comment #19

    Did anyone realise that at Chelsea the fans own the pitch and not Abramovic.

    Chelsea Pitch Owners was created in 1997 it purchased the Stamford Bridge freehold, the turnstiles, the pitch and the Chelsea FC name with the aid of a loan from Chelsea Village plc, the parent company of the club.

    Organisation and ownership

    The new entrance to the West Stand.In purchasing the freehold and the naming rights, the intention was to ensure that Stamford Bridge could never again be sold to property developers and that the Chelsea FC name could not be traded on outside of the stadium. Should Chelsea decide to move to another stadium in the future, they will not be able to use the name Chelsea Football Club.[1]

    The company is not listed on any Stock Exchange. Its purpose is to raise the £9.2million needed to pay off the loan and then lease the freehold back to the club, on the strictly-defined proviso that the ground may only be used for football purposes. Irrespective of how many shares are owned by an individual, voting rights are limited to 100 per shareholder to prevent any one person or organisation gaining control. Fans were encouraged to purchase shares in order to secure the club’s future.

    I thought this would be a good idea for the newly formed Newcastle United Supporters Club. And would ensure that the fans would always have a say at NUFC as raising the cash to purchase the whole club seems like a long shot.

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  • hitman

    Oct 7, 2008 at 10:07 PM

    Comment #20

    robbo,when sir john hall sold his stake in the club,ashley had to pay off the morgage for the ground mate,this is the debt that ashley has moaned about.

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  • mozza

    Oct 7, 2008 at 10:09 PM

    Comment #21

    alreet hitman kid, the comical were still trying to sell the fat f**k as someone who cares aboot the club today, watching the match with his kids at home, everyone say ahhh cos he’s too frightened to go to the games in case we kill him and his family, pile of pish kid

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  • hitman

    Oct 7, 2008 at 10:14 PM

    Comment #22

    alreet mozza,pity the fat tw@t never jumped through the winda like,the fu*ka is trying to squeeze as much profit oot the club as he can get,he dosnt care aboot us fans,the man only cares aboot money.all you ashley bum boys need ya heeds checked.

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  • toonoot

    Oct 7, 2008 at 10:15 PM

    Comment #23

    Mortgage? I think Newcastle City Council own the land.

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  • hitman

    Oct 7, 2008 at 10:18 PM

    Comment #24

    toonot,ashley had to pay off the mortgage of the ground.

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  • mozza

    Oct 7, 2008 at 10:19 PM

    Comment #25

    can’t believe people are still fighting his cause hitman,its like taking it up the chocolate starfish of someone and then thanking them for it, spineless turds

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  • toonoot

    Oct 7, 2008 at 10:23 PM

    Comment #26

    We are both right. The pitch, the seats, the stands etc. are mortgaged by the club, but the land actually belongs to the council. In other words the people of Newcastle own the land that SJP is built on.

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  • mozza

    Oct 7, 2008 at 10:24 PM

    Comment #27

    interesting that lads

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  • hitman

    Oct 7, 2008 at 10:24 PM

    Comment #28

    mozza mate its madness,ashley has flucked our club reet up,but these planks back him,lets hope they all do 1 when ashley does.TW@TS

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  • mozza

    Oct 7, 2008 at 10:26 PM

    Comment #29

    ahhhh i just don’t want this pish to drag on, we all need to know what direction we’re heading in and sooner rather than later

    0
  • toonoot

    Oct 7, 2008 at 10:26 PM

    Comment #30

    …. and that’s why the council had the b*lls to put up that vote of no confidence in the club

    0
  • mozza

    Oct 7, 2008 at 10:26 PM

    Comment #31

    second that pal

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  • toonoot

    Oct 7, 2008 at 10:28 PM

    Comment #32

    … and I know who we’d all like to pass the motion on 🙂

    0
  • Ganiyu

    Oct 7, 2008 at 10:35 PM

    Comment #33

    Does any one know the real owners of etisalat?

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  • mozza

    Oct 7, 2008 at 10:35 PM

    Comment #34

    aye its interesting that toonoot, here’s a thought is it in greenbacks interest to sell sooner rather than later,if it goes pear shaped and god forbid we look like going down, then the sale of the club would be dramatically reduced, so will he sell quick to avoid this risk?

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  • hitman

    Oct 7, 2008 at 10:45 PM

    Comment #35

    mozza ashley can only sell to people who arnt affected to the credit crunch that has gripped the world,he flucked up in arab land,so where next,i carnt see many buyers me like,not unless we get some one with real wealth,like bill gates.lol

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  • toonoot

    Oct 7, 2008 at 10:47 PM

    Comment #36

    Mozza: I think if he aint sold by Xmas, and we are still in the bottom five, he will sell to the highest bidder. He may have to sell at a loss. If he holds out – it’ll be an milestone around his neck all next year. He may be rich but this economy thing will be hitting him just like all the other greedy gits. My guess is he will sell at a loss before the year is out. He must hate us as much as we hate him. He wants out.

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  • mozza

    Oct 7, 2008 at 10:48 PM

    Comment #37

    lol hitman, we can only dream pal, am of to me pit kid, laters

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  • IrishMan

    Oct 7, 2008 at 10:49 PM

    Comment #38

    I think Nick C might be right (Post 10)

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  • toonoot

    Oct 7, 2008 at 10:50 PM

    Comment #39

    When you wake in the morning you’ll find out it was all a bad dream

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  • hitman

    Oct 7, 2008 at 10:50 PM

    Comment #40

    laters mozza

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