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Mike Ashley in advanced talks to sell Newcastle United for €390m

Legal documents have been drawn up and filed ahead of a potential takeover by Amanda Staveley’s PCP Capital Partners.

Newcastle owner Mike Ashley.
Newcastle owner Mike Ashley.
Image: Kirsty O'Connor

A POTENTIAL TAKEOVER of Newcastle United by Amanda Staveley’s PCP Capital Partners moved a step closer after legal documents were drawn up and filed with Companies House.

Mike Ashley has had a controversial 13-year tenure as owner of the Premier League side but legal documentation filed last week came to light today, putting in place a framework for a deal — reported to be £340 million (€390m) — to go ahead between the two parties.

In January, Ashley was understood to be in takeover negotiations after details of a proposal, funded in large part by the Saudi Arabian Public Investment Fund, emerged.

A report in the Wall Street Journal suggested the Saudi group, spearheaded by Staveley and backed in the main by Crown Prince Mohammed bin Salman’s immense wealth, had been in discussions with Ashley for around four months.

Fresh details emerged outlining the structure of the bid, with the Reuben brothers, David and Simon, said to be partners.

While the Saudi group is conspicuous by its absence in the Companies House documents, the Reuben Brothers’ involvement has been included.

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Ashley said following the collapse of Staveley’s previous bid to take over the club two years ago that all future business would be conducted behind firmly closed doors.

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