Ashley gets £300m bid for Newcastle United but may hold out for £400m

November 21 – A Dubai-based financial advisory firm headed by British businesswoman Amanda Staveley is reported to have tabled a formal takeover bid in the region of £300 million for Premier League Newcastle United, one of the most iconic and best supported clubs in English football.

Last month controversial Newcastle owner Mike Ashley, who has been a divisive figure since taking over, put Newcastle club up for sale after a decade-long reign in charge of the club who have been relegated twice from the top flight during Ashley’s tenure but after winning promotion last season are gaining stability and consolidation under manager Rafael Benitez.

Amanda Staveley’s PCP Capital Partners, whose interest has long been speculated, has now reportedly tabled a bid to buy the club but it is by no means certain Ashley will accept. He is reported to want £400 million for the club, a figure that would return the bulk of the money he has invested.

Staveley, deal maker par excellence, helped broker the purchase of Manchester City by Sheikh Mansour bin-Zayed bin Sultan Al Nahyan in 2009, and it was reported she led Dubai International Capital’s £400 million bid for Liverpool in 2008. She returned with a bid last year for $1 billion for the club, this time believed to be backed by Chinese investors.

She reportedly hopes the Newcastle takeover will be completed by the turn of the year in order to provide Benitez with funds to reinforce his squad in the January transfer window.

Last month Newcastle lost the first legal round of a case against brought against them by the UK tax authorities. A court ruled that the dawn raids on the club’s office back in April were legally authorised and that there were grounds to suspect the club has “systematically abused” the tax system.

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