Newcastle United fans are getting very, very excited.
PCP Capital Partners, led by Amanda Staveley, have signed a confidentiality agreement with the club’s owners after Mike Ashley put the club up for sale earlier this week
Ashley is said to value Newcastle at over $520 million, while Staveley is said to believe the club is worth close to $395 million, so there is plenty of negotiating still to happen but things are heading in the right direction.
In a statement on Monday Ashley said he would allow any potential buyer to pay the overall transaction fee in installments, while he also wants a buy to be completed by the end of December.
Who is Staveley?
She was seen at a Newcastle vs. Liverpool game at St James’ Park earlier this month as speculation was rife that a new owner was being lined up to buy Newcastle. That is indeed the case and Staveley, 44, is now able to look over the finances of the club exclusively.
Staveley oversaw the purchase of Manchester City by Abu Dhabi United and also lined up a deal for Liverpool to be bought by Dubai International Captial which fell through in the past.
Her close links to the Middle East has seen her become one of the most prominent British businesswomen in recent years and she currently manages over $34 billion of wealth globally. Staveley and her investors are said to be interested in buying several Premier League clubs.
Ashley’s lawyer, Andrew Henderson, released a statement on Thursday stating several other parties have inquired about buying the club since the announcement came that they were up for sale.
“Since Monday, a number of additional parties have come forward which we believe to be credible. We are also continuing to engage with a number of parties with whom we had entered into negotiations prior to Monday’s announcement.”
Things are moving very quickly for Newcastle’s fans as they thought they’d never get rid of much-maligned owner Ashley who is a lifelong fan of the club and bought them in 2007.
After two relegations from the Premier League (followed by instant returns to the PL on both occasions) Ashley has been accused of failing to spend money on the playing squad and realize Newcastle’s full potential as they challenged for the Premier League title on numerous occasions during the 1990s.
With Rafael Benitez getting the most of his squad and the Magpies sitting in the top 10 of the PL as things stand, the future is looking bright for Newcastle with plenty of investment expected if this sale does go through to Staveley or those she is closely connected with.