Sport

Newcastle in advanced talks over sale

Newcastle United owner Mike Ashley is, once again, in advanced talks to sell the club.

Ashley, who has owned Newcastle for 13 years, is reportedly in negotiations with PCP Partners about a sale.

The consortium is headed by Amanda Staveley who tried to buy Newcastle in 2017 but the deal collapsed as Ashley demanded more money and a relegation clause was a sticking point.

Various reports claim that paperwork has been made available as Sky Sports state that a legal framework for a $380 million deal has been put in place.

Staveley is acting on behalf of PCP Partners and the Saudi Public Investment Firm (PIF) but there is no mention of the latter in the legal documents, while some other interesting documents have surfaced.

It has been reported widely that a deal is now waiting to be ratified by the Premier League as PIF is controlled by the ruler of Saudi Arabia, Prince Mohammed bin Salman. He will hold 80 per cent of the club shares, while Staveley will hold 10 per cent of shares and is expected to oversee the day-to-day operations at the club.

It appears that Ashley is lending PCP Partners money to complete the deal, which may not be as unusual as it sounds as the current Newcastle owner has always stated he would be willing to structure a deal in various payments to get it done.

Should Newcastle fans get excited about this? After all, they’ve been here on numerous occasions before as Ashley has tried to sell the club many times.

The Newcastle fan is a constant target of criticism from Magpies fans due to his cost-cutting measures which has seen him limit spending on and off the pitch with Newcastle relegated twice under his ownership.

This time, it all seems different and there is real optimism in the air surrounding that the group Staveley has put together can provide funds to turn Newcastle into top six contenders.

Their fanbase, stadium and history proves they are one of the true sleeping giants of not just English soccer but across the whole of Europe.