Business as usual
Newcastle takeover not a done deal
Newcastle United remain privately sceptical that an offer from Sheikh Khaled bin Zayed Al Nehayan will lead to the sale of the club as Mike Ashley looks to end his 12-year reign at St James’ Park.
Although there was an initial wave of excitement on Tyneside after the Bin Zayed Group released a statement confirming they had “agreed terms”, the optimism was gradually replaced with familiar misgivings. This will be the fifth time in 11 years that Newcastle have supposedly been on the verge of being sold by Ashley, but on each occasion the talks have collapsed and there are growing fears this will follow suit.
The Daily Telegraph understands that although a price has been agreed with Al Nehayan, the United Arab Emirates-based businessman is yet to provide proof of funds, with sources indicating there is a long way to go before a deal is concluded.
Manager Rafael Benitez has been told it is business as usual as no takeover is imminent. Other interested parties are also adamant claims Newcastle are on the verge of being sold to Al Nehayan are false.
It is also understood that a report stating that papers have been submitted to the Premier League to ratify the takeover is inaccurate.
The statement said: “We can confirm the representatives of his Highness Sheikh Khaled bin Zayed Al Nehayan are in discussions with Mike Ashley and his team about the proposed acquisition of Newcastle United Football Club. We have agreed terms and are working hard to complete the transaction at the earliest opportunity.”
According to reports in the Middle East, Al Nehayan, a distant relative of Manchester City owner Sheikh Mansour, has promised to keep Benitez and provide money to improve the squad in the transfer window.
However, sources closer to St James’ Park insist nothing has been finalised and, privately, senior figures, including managing director Lee Charnley and Benitez, were as surprised as anyone to learn the club were on the verge of being sold on Sunday night and have been trying to seek clarification from Ashley before they comment.
That will raise fears this is just another false dawn. Ashley has tried and failed to sell Newcastle several times since he bought the club for around £140million from former owners Sir John Hall and Freddy Shepherd in 2007.
The first attempt came in 2008, after Kevin Keegan had resigned as manager in protest at boardroom interference in recruitment.
Ashley also put the club on the market for just £100million in the summer of 2009, following relegation to the Championship. On both occasions, there were strong reports a sale was close to being agreed, only for the talks to collapse and Ashley to remain at the helm.
The club were put up for sale again two years ago. Financier Amanda Staveley claimed she was close to completing a takeover in December 2017, only for Ashley to dismiss her attempt as a “complete waste of time” a few weeks later.
More recently, former Manchester United and Chelsea chief executive Peter Kenyon announced he was trying to buy the club, but although he was given access to the “data room” for due diligence, a bid never materialised.
Al Nehayan has previously failed in a bid to buy Liverpool, with the Merseyside club pulling out of talks in August last year when he was unable to provide proof of funds or pay a £25million deposit.
Crucially, this time, the sheikh is not the only interested party locked in negotiations with Ashley. The Daily Telegraph has been aware of talks taking place under strict rules of secrecy for some time.
Indeed, sources close to those talks have reacted with scepticism to claims Al Nehayan has beaten them to it, with two well-placed figures dismissing claims Ashley has sold the club as “b------t” and “complete b------s.”