How close have Amanda Staveley and her crew moved towards the long-delayed purchase of Newcastle United? Well, a deposit has been paid and it’s one step away from the deal crossing the line.
Sky Sports have reported the PCP Capital Partners are hunting this deal down with big strides. As per the update, the “Premier League’s Owners’ and Directors’ Test” is the only check on the list missing before they officially finalize the deal.
The £300 million takeover of the Magpies has seen the parties involved concluded two main components of the settlement. A deposit has been put down, and both Mike Ashley and Amanda’s people from the east have “exchanged contract” information.
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Premier League’s Owners’ and Directors’ Test now the only aspect of the deal left to be completed. PCP Capital Partners’ proposed takeover of Newcastle United is nearing completion after the Saudi-backed consortium paid a deposit and exchanged contracts with club owner Mike Ashley.
The contracts are legally binding, meaning the only aspect of the deal left to be completed is the Premier League’s Owners’ and Directors’ Test. Once this is finalised, the remainder of the £300m fee will be forwarded to Ashley and the deal could be completed as early as the end of the month.
The Premier League began its mandatory background checks earlier this month on those involved in Amanda Staveley’s consortium, which includes Saudi’s Crown Prince, Mohammed bin Salman. (Via: Sky Sports)
Newcastle sale moving quicker than anticipated
It’s only been about a week since the reports started coming in day by day, although, as previously mentioned “Project Zebra” was strongly in motion for the past year.
To be frank, I was still one of those waiting for the late u-turn by Mike Ashley, who has been notorious for doing late withdraws in former deals that went south. But now if the club manager is being brought into the conversation we can expect change is coming.
News prior to the advances of the sale, it was said the club will monitor Steve Bruce on whether he is capable of taking the Toons all the way to European football. Lots of pressure has been placed on the ex-Man United man after this.
However, it must be said his underrated Newcastle side has gone beyond expectations and are actually overachieving since he took over from Rafa Benitez. It was predicted they would fail at a Top Flight stay.
They sit 13th in the Premier League standings and have eight points of breathing space above the drop. The objective to survive has been accomplished so far by Steve. He deserves another go but the calibre of managers he is up against makes it a massive uphill climb.
Maybe with the right financial backing, he could take Newcastle where their soon to be owners want them. A busy summer is more than expected, but the certainty of seeing Bruce at the helm come next season has become a 50/50 split and a good betting opportunity.