Ashley close to Toon sale for £300m

NEWCASTLE UNITED and amanda Staveley are in advanced talks over the sale of the club, with sources on one side claiming a £300million deal has been agreed.

They say that a formal announcement and Premier League checks will follow, potentially ending Mike ashley’s 13-year reign as owner.

Staveley, sources say, has the backing of Saudi arabia’s Public Investment Fund (PIF) — who will take an 80 per cent stake — as well as the Reuben brothers, UK-based property developers.

Documents made public at Companies house yesterday show that a charge agreement has been created that was initially interpreted as ashley lending £150m to Staveley’s company PCP Capital Partners. however, sources say the £150m quoted does not indicate a loan from ashley to Staveley and is instead a representation of PCP’s long-running court case against Barclays Bank. The exact reason for its mention is unknown.

however, those close to Staveley insist the proposed purchase will carry no debt to ashley.

The new documents appear to be laying the legal framework for a deal to proceed, although the club and ashley are refusing to comment on the situation.

Staveley tried to buy the club in 2017 but failed, and in January this year fresh talks led to rumours a deal was ‘days away’ but this never materialised. Sources close to ashley told us earlier this month that he is willing to sell if Staveley’s consortium produces the cash, although the initial asking price was said to be closer to £350m.

The Companies house papers also show that a £13m deposit either has — or will be — paid by Staveley as part of the transaction.

Staveley’s group are promising significant investment in the club but there has been no word from Saudi’s PIF regarding their proposed involvement.