Amanda Staveley’s $335 million bid for Newcastle United is at risk of falling apart.
According to Sky Sports in the UK there needs to be significant progress made with the deal over the next seven days if the bid from Staveley’s PCP Capital Partners is to be successful.
Current Newcastle owner Mike Ashley put the club up for sale in October and wants a sale complete by the start of 2018.
The report suggests the next week is pivotal for the bid with Staveley and her partners said to be offering all of the money up front rather than in instalments as Ashley suggested.
It is believed Ashley wants around $500 million for Newcastle, the club he bought in 2007 for $180 million.
The businessman, a lifelong Newcastle fan, has seen the Magpies relegated from the Premier League twice during his 10 years as owner but they’ve been promoted back to the PL at the first time of asking on both occasions, including last season.
Newcastle finished fifth in the Premier League in 2012-13 but with Rafael Benitez’s side currently in 15th spot in the PL, just five points above the relegation zone, Ashley wants to sell the club now to help the Magpies reach the next level as he can no longer put any of his own money into the club for new transfers.
The much-maligned owner is holding out to get what he feels he deserves after a decade of criticism from the fans over the way he has run the club.
PCP are said to want to have the deal done and dusted by January so they can spend money on improving the squad in the transfer window and help Benitez secure their PL status, but it is believed Ashley has known about their offer for three weeks and doesn’t think it is suitable.
Unless PCP up their bid substantially or Ashley has a sudden change of heart, it appears this takeover deal could have hit a major snag. The only saving grace is that Ashley has intimated he wants a quick sale and he may be forced into accepting an offer well below his current valuation of the club very quickly, especially with Newcastle sliding further towards the relegation zone.