Newcastle takeover: PCP Capital Partners in advanced talks with Mike Ashley
Written by News on 14/04/2020
PCP Capital Partners are in advanced talks with Mike Ashley to end his 13-year tenure as owner of Newcastle United, according to sources directly involved in the takeover.
This follows significant Companies House legal documentation that emerged on Tuesday morning, proving legal framework for a deal was being put in place by the two parties.
Sky Sports News reported in January Amanda Staveley’s PCP Partners and the Saudi Public Investment Fund (PIF) were in talks to buy Newcastle. It is unclear as to why there is no mention of PIF in any of the Companies House documentation.
Supplementary documentation has led to claims Ashley is lending PCP money to help complete the deal. It has always been the case Ashley was willing to structure payments in a bid to reach a sale.
Sky Sports News has contacted Newcastle for comment.
Staveley had failed with a bid to buy the club in 2017, following lengthy negotiations.
A relegation compensation clause was understood to be a sticking point at one stage in the talks.
Ashley, who is currently in the US, has been in control at St James’ Park since purchasing a majority stake in the club in 2007.
Newcastle have been twice relegated from the Premier League during Ashley’s reign, with supporters protesting on numerous occasions against his ownership.
‘Money would be paid back to Ashley in instalments’
Sky Sports News’ Keith Downie:
Legal documentation emerged on Companies House this morning, proving finance changing hands and also a legal framework being put in place for the sale of Newcastle United Football Club.
According to Companies House, Mike Ashley is set to aid Amanda Staveley and her consortium, which involves the Public Investment Fund of Saudi Arabia, to the tune of £150m, with that money then paid back to Ashley in instalments in years to come.
Sources directly involved in the deal have indicated to Sky Sports News that in fact, advanced talks are talking place between the two parties. We reported back in January those talks had started and that legal documentation on Tuesday proves the story that Newcastle could finally be sold.
Newcastle are refusing to comment on Tuesday morning and Ashley is out of the country on lockdown in America.
(c) Sky Sports 2020: Newcastle takeover: PCP Capital Partners in advanced talks with Mike Ashley
