Ashley wants Kenyon to prove he has £350m
NEWCASTLE owner Mike Ashley wants prospective buyer Peter Kenyon to show him his money ahead of a potential takeover.
Kenyon and GACP Sports – Florida-based investment firm who own Soccerex and have a
14 per cent stake in French outfit Bordeaux – have launched a bid to buy the club, which has been up for sale since December 2017.
But having failed to come up with the funds when he launched his previous bid 10 months ago, the former Manchester United and Chelsea chief executive must provide proof that he can meet Ashley’s £350m asking price.
The retail magnate isn’t dismissing Kenyon’s interest out of hand but after a series of bungled buy-out attempts wants assurances the cash in place.
Kenyon and GACP are is (inset) a proposing a £125m downpayment and £50m immediate investment with a further £175m paid over a three-year period.
That falls short of what Ashley has previously demanded, but Kenyon’s approach late last year was seen as the most creditable despite ultimately coming to nothing. A 46-page brochure, detailing investment opportunities at Newcastle, was published in June and hurriedly updated with Steve Bruce’s name seemingly cut and pasted in place of former boss Rafa Benitez. But it contains significant substance, with the terms of the deal including an assurance that Sports Direct signage at St James’ Park would remain during the three years and the £175m balance would earn three per cent annual interest.
Ashley’s representatives have yet to give any hint on his reaction and there will be no official club comment, but Kenyon is looking for an answer within 10 days.
Bruce insists the speculation will not affect the dressing room ahead of tomorrow’s game at Leicester.
He says he was only told of it by the club’s head of media late on Thursday and he has no plans to talk to managing director Lee Charnley about it. “It’s an ongoing saga,” he said. “Until it’s bona fide, people are saying, ‘Here we go again.’ “The players will have heard it all before. How many times has there been this talk – five? Six? “It’s common knowledge the club is up for sale but they are professionals and just have to carry on.”