The Times are reporting today that Newcastle owner Mike Ashley wants to sell the club quickly.
If that news is true it’s very good news for the club – but we’ll have to wait and see
The news is that Ashley does not want to invest in the team in the January transfer window and so he wants a quick sale done – presumably before the end of the year so the new owners are in place by January.
The news a few days ago that Amanda Staveley wanted to buy the club before the end of the year now makes a lot more sense.
There have been a number of articles this week that say now would be a good time for Mike Ashley to sell the club since he doesn’t want to invest any more money into Newcastle.
Amanda Staveley runs the PCP Capital Partners Group – the new face of Newcastle United?
Now we know why Rafa was upset last summer when only £12M net was invested to bring in new players.
The Times are reporting there are at least three groups who have signed non-disclosure agreements and may want to buy Newcastle United.
One of them is Amanda Staveley.
Amanda runs PCP Capital Partners and she will be the lead buyer, but will get other investment from some Middle East investors.
For the past few weeks, the would-be buyers have been looking at Newcastle’s financial books and they should be in good shape.
Justin Barnes was brought in earlier this year to ensure the books were in good shape and if necessary a quick deal could be done.
And the due diligence part is usually the longest part of any acquisition or merger.
That’s because buyers want to know exactly what the financial status of the company (club) is and don’t want any surprises once they have bought the club.
As it happens, back in May of 2007 when Mike Ashley bought the club he didn’t do a very thorough job of due diligence and found out later the club owed £100M that he knew nothing about.
That was reported in the Evening Standard back then.
This sounds like good news for Newcastle but we’ll just have to wait and see what transpires in the next few days and weeks.
Hopefully, all of this could mean we have new owners come January.