Staveley ‘to bid for Newcastle in weeks’

Amanda Staveley’s takeover of Newcastle United has moved a step closer after it emerged she was expected to make a formal bid to buy the club in the next few weeks.

Owner Mike Ashley released a statement this week confirming that he wanted to sell and hoped to have completed a deal before the end of the year.

While that merely confirmed what had been known since June, it increased the sense of urgency surrounding the negotiations given the limited timescale.

That has not discouraged Staveley and there has been steady progress behind the scenes since she first met club officials after the 1-1 draw with Liverpool on Oct 1.

Significantly, it is believed she is keen to conclude talks before Christmas so that she can release funds for manager Rafa Benitez to spend in the January window.

Communication between Ashley’s team and Staveley has been regular over the past fortnight, according to sources in the City, and it is understood it has been conducted in a mood of positivity. Ashley’s attempts to sell the club seem genuine and Staveley’s interest has gradually hardened after she realised Newcastle had vast untapped potential, even in a league as competitive as the Premier League. The presence of a worldclass coach already in place in Benitez is also attractive to her.

The main stumbling block remains the price and this has not been discussed in any detail. Reports have indicated that Staveley believes an offer of about £300 million is reasonable, but that would appear to be short of Ashley’s own valuation of a club he bought for about £130 million in 2007.

The sports-retail billionaire has put in about the same amount in the form of interest-free loans since then and wants to recoup his money, as well as make a profit. Although he has been vague when talking about an asking price, he has previously valued the business at as much as £450 million.

Staveley, though, has the financial backing of her PCP Capital Partners firm, which has access to about £30billion of Middle Eastern wealth, and news of the progress being made will delight Newcastle supporters, who have been desperate to see the back of Ashley for years.