There was an article in the National – a Dubai newspaper – published on December 1st and which we read and didn’t find anything new about the Newcastle takeover.
The title of the article was “Newcastle takeover offers hope of catalyst for the revival of fortunes for UK’s northeast amid Brexit uncertainty, “ and it concentrated on the Newcastle fans who desperately want a new owner.
It contained quotes from Newcastle fan Dr. Neil Mitchell, a Dubai-based lifetime fan of Newcastle who is now the Medical Director of the Dubai Dentist Clinic – and who has written a couple of articles about the takeover in the Chronicle lately.
Amanda Staveley – leading consortium to buy Newcastle
The piece that has been confusing is what is at the beginning of the recent December 1st article:
“A second offer, a one-time payment of under £300 million, has been made by PCP Capital Partners and negotiations are delicately poised.”
Read more: Dubai financier Amanda Staveley offers to buy Newcastle United in one-off payment of under £300 million
“A conclusion cannot come soon enough for fans who support the club in huge numbers but have known little success in recent times.”
The line in the middle is a link to another article published in the National back on November 21st.
This is the first article that drew excitement and was about Staveley’s offer that contained many different clauses and was unacceptable and got all the publicity.
The title of that article was “Dubai financier Amanda Staveley offers to buy Newcastle United in a one-off payment of under £300 million.”
This is some of what was in that article of 12 days ago:
“Dubai financier Amanda Staveley’s second offer to buy Newcastle United is at an amount below £300 million but crucially she is willing to pay this amount in one lump sum rather than in instalments, a source close to negotiations said.”
“When announcing his intention to sell last month, Mr Ashley had signalled he would accept payment in instalments and was said to be seeking between £350m and £400m.”
“Ms. Staveley’s PCP Capital Partners has been in discussions with Mike Ashley, Newcastle’s owner, since then and an initial offer of £350m to be paid in instalments over a period of three years was rejected by Mr Ashley.”
“That’s because it contained clauses that would have altered the price in the event of relegation from the Premier League.”
So in fact, the two bids were detailed back on November 21st and the second bid was the £300M one-time payment.
Further confusion is that the bid with all the clauses in was generally reported in the UK as being for £300M.
But according to the November 21st article, it was for £350M, which would be paid in installments and contained all the clauses in it the owner didn’t like – and was unacceptable to Ashley.
The one time bid is what is now being reported as a new bid, and we don’t think there’s anything new that wasn’t already reported in the National article of November 21st.
We could be wrong on this, and I could be going crazy – that’s always possible.