Newcastle rue ‘complete waste of time’ as takeover talks collapse

Newcastle owner Mike Ashley believes that a proposed takeover deal with PCP Capital Partners has collapsed.

Ashley was believed to be close to selling Newcastle to Amanda Staveley in a deal worth around £300million in mid-December after weeks of talks.

Staveley’s group, which is thought to be backed by money from the Middle East and China, is one of a series of prospective buyers which signed non-disclosure agreements with the club last year.

It made a formal offer for the club in November which is understood could have eventually amounted to £300million, but only if a series of clauses – including one guarding against the repercussions of relegation – were met, and there were suggestions since that an alternative lower cash bid was also tabled.

That came nowhere near meeting the sportswear magnate’s requirements, although crucially the lines of communication remained open.

However, the deal is now understood to be off.

A source close to Ashley told Sky Sports News: “It is only right to let the fans know that there is no deal on the table or even under discussion with Amanda Staveley and PCP.”

The source added that attempts to reach a deal had proved to be “exhaustive, frustrating and a complete waste of time”.