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Mike Ashley is in ‘advanced talks’ to sell Newcastle for £350m

Mike Ashley is in ‘advanced talks’ to sell Newcastle for £350m, which will be music to the ears of Magpie fans after many rumours and failed past bids.

The owner’s relationship with supporters could be anymore sour right now after Ashley refused to closed his Sports Direct store before being force to by the PM, then he made the decision to furlough staff.

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Fans are desperate for the good times to finally return and say goodbye to what has been a dreadful Ashley era, which saw two Premier League relegations and a lack in spending come the transfer windows.

This week saw the takeover rumours take another level and this time it seems so genuine that the Newcastle faithful are already looking forward to the future.

The Guardian report that a sale to a consortium led by Amanda Staveley is well under way, with documents lodged at Companies House last week providing concrete proof of advanced negotiations.

It is said that Ashley will loan the consortium £150m to get the deal over the line. According to the Guardian, that money is to be paid back over a period of five years.

Should the takeover go through, Saudi Arabia’s Public Investment Fund would own 80% of the club, with the remaining 20% divided equally between PCP Partners and Reuben Brothers.

Kieran Maguire of the University of Liverpool explained the situation behind Ashley’s £150m loan to the Shield Gazette, saying: “The claims are in an amount of £150 million, which is an eye-watering sum of money.

“Effectively, in the best case scenario this looks to mean that PCP are in takeover talks and that Mike Ashley is lending them £150 million to fund the deal.

“Let’s say they’ve agreed a price and they can’t afford it in cash, this essentially means that Ashley is somewhat bizarrely lending them the money to buy the football club.

“It could be that Ashley is saying that he won’t take all of the money now – similarly to what we saw with Sunderland and Ellis Short – and he retains some form of cash investment in the, but that gives him no power as you need the stake to hold the power.

“You could then be left with a scenario, which is similar to what we’ve seen at other clubs, where the original owner still has money in the club but they don’t own the shares so they can’t run it on a daily basis.”

Sky Sports’ Keith Downie said as of Tuesday evening: “We’re told from sources on one side of the deal that an agreement in principle is in place. The info we have is it’s a cash deal, closer to £300m than £350m. Owners & Directors test still to take place before funds are transferred. Same source tells us Amanda Staveley’s Saudi-backed consortium has ear-marked significant investment into the club. The coronavirus pandemic has had an impact on the overall value of the club when it comes to this sale.”

Pete Graves added on Twitter: “Seems as though the main remaining hurdle before a complete takeover of Newcastle United can take place is the Premier League’s checks. Turning into a hugely significant day for #nufc.”

Fans have reacted to the latest news that Mike Ashley is in ‘advanced talks’ to sell Newcastle for £350m…

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