Well, would you believe it, news today that five different consortia are competing to buy the Newcastle United Football Club.
We know Barry Moat is one of the interested parties, and the preferred bidder of investment bankers Seymour Pierce.
But news today that as many as four other groups, all understood to be based overseas, are in talks with Newcastle over the sale of the club.
As we have mentioned before the resolution of Kevin Keegan’s claim of £25M against the club has been completed, and with just £2M going out of the club’s coffers to Kevin, that seems to have started a stampede for those who are still interested in buying the club – and it seems like quite a few are now more than interested.
It would even appear that Kevin’s claim has been the dark cloud hanging over the club’s finances, because having to pay out £25M to Kevin, would have just crippled the club financially, let’s face it.
Ashley is still keen to sell Newcastle, but it would appear that the very positive start made by Newcastle this season, under the unlikely but sterling leadership of Chris Hughton, has reduced Mike Ashley’s urgency to sell the club, and that’s unfortunate.
Mike wants the full £100M asking price for the club, and with 5 interested parties, you would have to think that price would be forthcoming from at least one bidder.
And Ashley has also demanded that the successful candidate prove they have the money up front, before any deal is finally struck.
Newcastle are now in much better financial shape than they were in the summer, with £22M coming in from outgoing transfers that was used to reduce the overall debt, and the massive wage bill of about £74M has been halved.
So it would seem that Newcastle have now become a much better proposition financially, although significant funds will be needed in the summer, should we be successful in getting the promotion every Geordie fan is praying for.
Perhaps things are starting to look up – even more so – for Newcastle United, and that can’t be bad. 😀