Newcastle United takeover deal close

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A Newcastle United takeover has moved a step closer after new documents show owner Mike Ashley has entered into a charge agreement with potential buyer Amanda Staveley.

Financier Staveley is leading a bid which involves Saudi Arabia’s sovereign wealth fund and the Reuben Brothers and it is understood to be worth £300m.

The 31-page charge agreement lodged at Companies House lays the legal groundwork for a potential deal to be completed.

The documents include details of a £150m claim related to Staveley’s firm, PCP Capital Partners, and its long-running legal case against Barclays Bank PLC.

The Premier League has also been informed of the potential deal and is understood to have begun the process of carrying out checks under its owners and directors test.

Ashley said in October 2017 he wanted to sell the club after 10 years in charge.

Initially, the deal was said to have been worth £340m, but the latest development will encourage many Newcastle fans who want to see Ashley end his association with the club, having taken over in 2007.

Supporters have cited a lack of ambition and have also criticised his conduct during the coronavirus pandemic where the club has charged fans for next season’s tickets.

There has also been disappointment at Newcastle being one of three Premier League clubs to have placed their non-playing staff on furlough.

News of Saudi Arabia’s sovereign wealth fund being involved in a takeover first emerged in January.

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BBC Sport

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