Report: Newcastle United receives formal takeover bid
Newcastle United's plan to find a new owner before Christmas is beginning to materialise following news that a formal offer has been submitted.
PCP Capital Partners, led by British businesswoman Amanda Staveley, is understood to have tabled an offer last week to purchase the Premier League team from owner Mike Ashley, according to Jason Burt and Luke Edwards of The Telegraph.
The club has yet to acknowledge that an offer has been received, but it's believed that PCP Capital Partners has submitted a bid in the region of £300 million.
It's unclear if the firm is the only interested suitor to make an offer, but, according to Mark Kleinman of Sky Sports, Staveley could be granted a period of exclusivity to meet and discuss the framework of a deal with Newcastle officials.
Kleinman adds that a deal could be announced as soon as this week.
Stavely, who was previously involved in the purchase of Manchester City by Sheikh Mansour, is believed to have instructed her partners to review Newcastle's finances dating back to 1990.
Meanwhile, Ashley, who made his fortune in the sportswear industry and assumed control of Newcastle in 2007, revealed his intention to sell the club in October. His lawyer added that Ashley preferred to complete the transaction by Christmas. However, various reports suggest that the completion of the deal could carry over into the new year.
No idea as to whether Amanda Staveley's bid for Newcastle United will be accepted, whether it is enough (suspect not) and what happens next. But the bid has been made.
— Jason Burt (@JBurtTelegraph) November 20, 2017
Before putting the club up for sale, Ashley conceded last summer that he refuses to compete with the extremely wealthy owners in the Premier League.