Dubai financier Amanda Staveley is understood to have made a formal offer to buy Newcastle United from sportswear magnate Mike Ashley.
According to Sky News, the bid from Staveley’s firm PCP Capital Partners is worth around £300 million.
The deal is not thought to have been agreed yet, nor is it clear whether there are any other bidders. However, sources close to the process said the next logical step would be to grant Staveley a period of exclusivity in which she could negotiate the purchase with Ashley.
Ashley, who also owns Sports Direct, announced his intention to sell the Premier League club last month, after 10 years in charge. At the time, his lawyers said he hoped to finalise the sale by Christmas.
The bid from PCP is believed to have been made late last week and the money is a combination of Staveley’s equity and that of her major investors, which include funds in the Middle East.
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Staveley and her husband – and PCP’s managing partner – Mehrdad Ghodoussi were spotted at St James’ Park in October for a Premier League match between Newcastle and its rivals, Liverpool, which prompted speculation that one of the clubs could be the subject of a bid.
Their initial focus was on Liverpool. However, following more than a year of talks, the American owners of Liverpool FC eventually turned down a deal worth up to £1.5 billion to sell the club to PCP. Sources close to those negotiations told The National that Fenway Sports Group, who also own the Boston Red Sox, believed they could realise a better price in the future.
The sources added that it was in fact at the match in October that the pair turned their attentions to a potential acquisition of Newcastle.
Staveley was also involved in an earlier and ultimately fruitless bid by Dubai investors for Liverpool in 2008. Similarly, it was the actions of the then American owners, Tom Hicks and George Gillett that helped kill the deal at the last minute.
It remains to be seen whether the £300 million bid will be accepted by Ashley.
The tycoon has been clear that he values the club closer to £400 million.
Manager Rafael Benitez is anxious for the club’s future to be settled before the opening of the January transfer window. It is understood that PCP will allocate substantial transfer funds to him to reinforce his squad, should she acquire Newcastle by then.
Should Ashley accept the bid in principle and agree a period of exclusivity, specialist lawyers would subsequently undertake formal due diligence on the club’s finances, following preliminary due diligence which has already been carried out.
This process usually takes around a month, which suggests a final deal could still be completed by Christmas, although a new‑year completion seems more likely.
Ashley, 53, has proved a divisive figure during his tenure, which has seen Newcastle twice relegated from the Premier League and then immediately promoted back.
Newcastle supporters have been hoping that Staveley’s potential arrival as the club’s new owner will bring about a fresh start on Tyneside, given her strong track record in both finance and football.
Newcastle are yet to comment on the reports.
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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UAE currency: the story behind the money in your pockets
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Dubai World Cup draw
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Inter Milan 1 (Martinez 18' pen)
Juventus 2 (Dybala 4', Higuain 80')
Company Profile
Name: JustClean
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Killing of Qassem Suleimani
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What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru
Results
ATP Dubai Championships on Monday (x indicates seed):
First round
Roger Federer (SUI x2) bt Philipp Kohlschreiber (GER) 6-4, 3-6, 6-1
Fernando Verdasco (ESP) bt Thomas Fabbiano (ITA) 3-6, 6-3, 6-2
Marton Fucsovics (HUN) bt Damir Dzumhur (BIH) 6-1, 7-6 (7/5)
Nikoloz Basilashvili (GEO) bt Karen Khachanov (RUS x4) 6-4, 6-1
Jan-Lennard Struff (GER) bt Milos Raonic (CAN x7) 6-4, 5-7, 6-4
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Killing of Qassem Suleimani
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
