Ashley still has sights set on sale to Saudis
NEWCASTLE owner Mike Ashley remains focused on selling the club to Amanda Staveley’s Saudi-backed consortium almost a year after the £300million-plus deal was struck.
The sportswear magnate is pursuing a legal route in his efforts to secure Premier League approval for his proposed sale, having entered an arbitration process.
It seems Ashley feels the sale has been agreed and simply needs to be rubberstamped by the governing body.
Speculation that former Roma owner James Pallotta could have an interest in the St James’ Park outfit barely caused a ripple on the River Tyne with all eggs confined to the same basket.
American tycoon Pallotta namechecked the Magpies as he discussed the possibility of investing in a Premier League club in an interview, but having seen many potential buyers come and go during his 14-year tenure, Ashley is concentrating on the party he believes has the necessary financial backing.
Staveley’s PCP Capital Partners, backed in large part by Saudi Arabia’s Public Investment Fund and the Reuben Brothers, reached an agreement with Ashley in April last year after extensive talks – Staveley had failed in an earlier bid to buy the club – and the proposal was sent to the Premier League for approval.
However, after a 17-week wait for the league’s owners’ and directors’ test to be completed, the consortium withdrew its offer in July as the commercial agreement between the two parties expired.