Mike Ashley receives formal bid for Newcastle United

Mike Ashley receives formal bid for Newcastle United

Newcastle owner Mike Ashley has received a formal offer for the club, Press Association understands.

Reports emerged this evening that Amanda Staveley's PCP Capital Partners had tabled a £300m bid.

However, it is understood that while an offer has been made by one of the parties interested in mounting a takeover, it is significantly below that figure.

The ball is now in owner Mike Ashley's court as he decides whether or not to accept the first approach, having stated his intention to push through a deal before Christmas.

However, it remains to be seen just how far a man who famously drives a hard bargain is prepared to entertain the proposal currently on the table.

PCP is one of a series of prospective buyers to have signed non-disclosure agreements with the Tyneside club and entered into the process of due diligence.

The group, which is said to be worth between £28bn and £30bn, is headed by Staveley, who played a key role in Sheikh Mansour's takeover of Manchester City in 2008.

She caused something of a stir when she was spotted in the crowd for the Magpies' 1-1 Premier League draw with Liverpool at St James' Park in October, and although her presence was initially played down, the situation has developed significantly since.

Ashley, who has been at the Magpies' helm for more than a decade, last month engaged the services of city lawyer Andrew Henderson, who has acted on behalf of his businesses in the recent past, to handle the sale.

He is looking to finally offload a club he has twice put on the market before to no avail.

During the sportswear magnate's tenure to date, Newcastle have been relegated from the Premier League twice, although have bounced back at the first attempt on both occasions.

Ashley, who paid £134.4m for the business back in 2007, admitted during the summer that he could not provide manager Rafael Benitez with the finances he wanted to fully rebuild his squad.

The Spaniard's fears over the playing resources at his disposal have proved well-founded in recent weeks with the club having lost their last three league games to take the edge off a positive start to the campaign.

Benitez will hope for greater spending power in January, although that could depend upon a successful takeover.

News of the bid caused a flurry of excitement for fans who have been at odds with the owner for much of his reign, although it appears there could still be a long way to go.

More in this Section

The key questions on the impact of coronavirus on footballThe key questions on the impact of coronavirus on football

Going pro would ‘destroy’ GAA, claims Jack McCaffreyGoing pro would ‘destroy’ GAA, claims Jack McCaffrey

Serie A set to resume on June 20Serie A set to resume on June 20

Stockdale enjoying process of reinventing himself in lockdownStockdale enjoying process of reinventing himself in lockdown


Lifestyle

Cork author Conal Creedon tells Richard Fitzpatrick about some of his influences, from characters in his family’s shop to Ian Dury and Jim JarmuschCulture That Made Me: Conal Creedon on showbands, punk rock and playing the saw

A new thriller on Netflix is already causing a stir, and JK Rowling has set the internet alight with chapters of her fairytale, writes Des O’DriscollOnline Entertainment Tips: Snowpiercer, JK Rowling's new tale, and two films on Repeal

She's been sorting out Cork people for ages likeAsk Audrey: Normal People is basically a Maeve Binchy novel with mobile phones

Every evening, volunteers set out on bikes from Penny Dinners, delivering food and supplies to Cork’s homeless community. Donal O’Keeffe accompanied the Knight Riders on their rounds.Knight Riders bike around Cork city to deliver food to the homeless for Cork Penny Dinners

More From The Irish Examiner