NEWCASTLE’S potential new owners are bidding to drive down the price of the club amid the coronavirus crisis, according to reports.
Mike Ashley has been linked with selling the Premier League team a number of times and the Saudi Public Investment Fund recently stepped up their interest.
Mike Ashley has been in charge of the Toon for 13 yearsCredit: News Group Newspapers Ltd
According to The Times, Newcastle sent details of the proposed takeover to league officials in a considerable move towards the deal taking place.
However the consortium behind the bid are reportedly hoping to drop the £340million price tag previously discussed to something nearer the £300m mark.
That is because the coronavirus pandemic has caused a significant hit for the global economy with billions of pounds worth of value wiped off of businesses worldwide.
Most notably for the Magpies, Ashley’s Fraser Group are already counting the cost and 17 Jack Wills stores were closed permanently last week alone.
Ashley was forced to apologise after attempting to keep his Sports Direct and Evans Cycle shops open during the UK’s lockdown, which only allowed for key workers to continue their jobs as normal.
Making up the consortium bidding for Newcastle are the Saudi Public Investment Fund, which is chaired by crown prince Mohammad Bin Salman, and a group made up of Amanda Staveley and private equity firm Reuben Brothers.
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The pair, David and Simon, are said to be worth £18.7billion and the Saudi fund boasts as much as £1trillion in assets.
Staveley formed part of an attempt to buy the Toon in 2018 but could not provide the necessary funding, and is set to helm a 20 per cent stake if the deal goes through, leaving the Saudis as 80 per cent majority shareholders.
The 46-year-old’s firm also helped push through the £210m deal for Sheikh Mansour to buy Manchester City in 2008.
Meanwhile, talk of Bin Salman making a play to buy Manchester United has gone quiet following speculation of a £3bn purchase.
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Source: Soccer - thesun.co.uk
