Published: Tue, November 21, 2017
Sports | By Nelson Rowe

Newcastle United owner Mike Ashley to reject Amanda Staveley's takeover bid?

Newcastle United owner Mike Ashley to reject Amanda Staveley's takeover bid?

Newcastle owner Mike Ashley put the club up for sale last month and PCP, the investment firm run by British businesswoman Amanda Staveley, was widely expected to be the main bidder for the North East team.

PCP Capital Partners have tabled an in the region of £300m ($397m) for the club which current owner Mike Ashley must now consider, according to multiple sources.

It's always been reported that PCP valued that club at £300 million, although Ashley's valuation is reportedly closer to £400 million.

It is believed, should Ms Staveley's takeover be successful, that a significant amount of money would be handed to manager Rafa Benitez to bolster his squad in the January transfer window, with the Spanish coach not being sufficiently backed by Ashley over the summer, following the club's return to the Premier League after a season in the Championship.

She watched Newcastle's 1-1 draw with Liverpool in October from the St James' Park directors' box but has since stayed away from the ground, instead sending her representatives to matches.

PCP had been exploring a deal to buy the Merseyside club from its American owners for much of the a year ago, but was ultimately deterred by their repeated attempts to increase Liverpool's price tag.

Newcastle have been relegated twice since Ashley took charge in 2007.

Ms Staveley's track record in both finance and football has encouraged Newcastle's loyal army of supporters that her potential arrival as the club's owner will herald a new era of stability on Tyneside.

Staveley, 44, helped broker Sheikh Mansour's purchase of Manchester City in 2008.

It is in a legal context that Ms Staveley has attracted repeated attention in the financial press, however, amid long-running civil proceedings she launched against Barclays in relation to its multibillion pound fundraisings during the 2008 banking crisis.

Newcastle now lie eleventh in the Premier League, but after a quality start to the season, the Magpies have lost their last three league games.

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