All eyes on Ashley after opening offer

THE ball is firmly in Mike Ashley’s court now in the Newcastle United takeover saga.

After weeks of speculation – and serious doubts from some – Amanda Staveley and PCP Capital Partners are said to have made a £300m formal offer, with observers saying a deal could be concluded by Christmas for the club Ashley has owned for over a decade.

The next step will be whether Ashley decides to accept that offer or names his price – with a valuation of £400m previously bandied around during months of takeover talk.

But the lower offer for the club is understood to be because of the club’s ongoing HMRC investigation which could potentially lead to some severe financial penalties further down the line.

That investigation – Operation Loom – resulted in St James’ Park and the club’s Benton base being raided by HMRC officers last May.

So Ashley now has to ponder accepting what some may consider a reasonable bid for a club that are currently sitting 11th in the Premier League table.

Shortly after confirmation of a bid went in, the initial response from sources close to Newcastle United was that £300m was short of what Ashley is demanding.

However, two things were not denied, the fact that there has been an offer tabled, and that the bidding process is now well and truly open.

As the front page of yesterday’s Chronicle stated, it’s very much “Game on” at St James’ between PCP and Ashley.

As the news broke on Monday night, fans urged Ashley to take his chance of a respectable ending to his time at St James’ Park.

With the club in a solid Premier League position, and United making it clear to Rafa Benitez they won’t be spending big in January, Ashley could now walk away during one of the calmest periods of his tenure on Tyneside.

He has been under pressure to sell in the past, but there have been no protests of late and there is no ugly feeling between supporters and the Sports Direct magnate.

If a bid can be accepted, Staveley’s group will hope to enter a period of exclusivity and gain control. As expected after the opening offer from Staveley, the two parties did not agree a price in round one of the negotiations, but the last 24 hours have not only made PCP’s intentions crystal clear, but have also raised hopes that a deal could indeed be thrashed out by Christmas.