There’s some potentially good news this morning about the potential takeover of Newcastle by Amanda Staveley and her PCP Capital Partner Financial group.
The news is in the Chronicle, and it’s that Staveley’s group requested copies of financial accounts that date back a full 27 years.
That’s back to 1990 at the time we were in the second division.
But that to us means that PCP Capital Partners are only being thorough and are also serious about buying Newcastle United.
It’s part of the due diligence process going on, and that can take some time depending on how deep a dive into the financial records potential buyers want to go.
Amanda Staveley – potential new owner at Newcastle
But this news does indicate that PCP Capital Partners are really serious about buying Newcastle.
The deep dive into the records includes looking at things like past transfer dealings and past sponsorship agreements and the like.
There is still no formal bid from the Staveley group, and that would be the next big news if the acquisition is to go ahead.
Mike Ashley wants a minimum of £380M and Amanda’s group is willing to bid £300M.
In October, lawyer Andrew Henderson on behalf of Mike Ashley said the following on Sky Sports:
“Our intentions are to see if the club can be bought by new ownership, potentially by Christmas.”
“This would allow seriously interested parties to put themselves forward.”
“It would allow a diligence period to carry on, then hopefully by Christmas a sale could be concluded.”
That doesn’t mean the deal can be done by Christmas.
But it also doesn’t mean that if the deal is not done by the end of the year, it will be called off.
It’s simply a “potential” date that both groups are working towards, and that date could slip.
The other good news is the Premier League are reported to be well aware of the interest of PCP Capital Partners in buying Newcastle.
They are ready to perform their “fit and proper person” review when the deal has been agreed by both parties.