leadf
logo-loader
viewProactive Group

Amanda Staveley reportedly eyeing up US$400mln bid for Newcastle United

Current owner Mike Ashley put the club up for sale earlier this week and is thought to want more than US$500mln

st james park
Staveley’s PCP Capital Partners acts on behalf of wealthy investors in the Middle East and China

Amanda Staveley’s rumoured interest in snapping up Premier League football club Newcastle United from Sports Direct International PLC (LON:SPD) boss Mike Ashley seems to be firming up.

Whispers have been circulating ever since the Yorkshire-born businesswoman attended a match between the Magpies and Liverpool – another club she’s been linked with in the past – earlier this month.

READ: Sports Direct chairman Keith Hellawell narrowly survives shareholder revolt

A confidential source quoted by Reuters has today said that Staveley, through her PCP Capital Partners investment firm, is mulling a possible £304mln (US$400mln) bid for the club.

Eccentric billionaire Ashley, who officially put Newcastle up for sale earlier this week, is said to want nearer to £400mln (US$527mln).

PCP Capital acts on behalf of investors in the Middle East and China, where Staveley has a wide network of connections, and is one of four potential bidders for the club, according to the FT.

The investment firm is perhaps best known for its role in keeping Barclays PLC (LON:BARC) afloat during the 2008 financial crisis, when Staveley and co acted as an intermediary between the bank and a group of Abu Dhabi investors.

It is claimed that PCP values the Premier League outfit at around £300mln, with another £150mln or so needed to invest in new players over the next couple of years.

READ: Mike Ashley's Sports Direct trebles stake in Goals Soccer Centres

Newcastle haven’t commented specifically on this morning’s reports, but the club has made clear it would listen to offers that would be capable of “delivering sustained investment” and helping the team achieve their top-flight ambitions.

Newcastle have been relegated, and subsequently promoted, twice during Ashley’s ten-year reign.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Snowline Gold looking to unlock potential of Einarson and Rouge projects in...

Snowline Gold (CSE: SGD) CEO Nikolas Matysek joined Steve Darling from Proactive to share more details about the company that will begin trading soon on the CSE under the ticker SGD. Matysek talks about that and also about the formation of the company. Matysek also shared with Proactive about...

46 minutes ago

2 min read