TEAMtalk can reveal the official £300million offer from financier Amanda Staveley for the purchase of Newcastle United has a series of clauses, which Mike Ashley is unhappy with.
The Sports Direct supremo put the club up for sale earlier this season and Sky Sports News claimed Staveley’s PCP Capital Partners group submitted the formal offer late last week. But the offer which was widely reported as £300million is actually well short of that figure.
It’s not clear how much PCP Capital partners are offering up front, but they want a relegation clause including, which will mean they will receive a refund on some of the purchase price if the Geordies were relegated this season.
Meanwhile, Staveley’s group have also stipulated that the £300million price will only be fully achieved if Newcastle go on to win the Champions League in the next 10 years.
TEAMtalk understands Ashley is very unhappy with the offer and PCP have not been granted exclusive negotiating rights and any deal is far from completion.
Ashley told Sky Sports in August he was looking for £400million from the deal and so Denton’s solicitors, acting for Ashley, have some hard negotiating to do with Staveley’s solicitors Freshfields.
PCP’s funds come via a combination of Staveley’s own equity, as well as from their investors – mainly made up of Middle Eastern investors.
Staveley was previously keen on buying Liverpool but has now turned her attention to Newcastle
According to reports last month, Yorkshire-born Staveley, 44, plans to turn Newcastle into the “Manchester City of the North-East” and will also pledge an immediate £300million for player transfers.
She was a key player in Sheik Mansour’s acquisition of Manchester City in 2008 and is known to be keen on football assets.
Ashley bought Newcastle for £134million in 2007 and values Newcastle at nearer the £400m mark, so the deal might need some tough negotiations before a compromise is reached.
However, with Ashley known to be wanting to sell before Christmas, he may yet accept the offer from Staveley.