As Amanda Staveley signs a non-disclosure-agreement (NDA) with Newcastle United, owner Mike Ashley has released a short statement regarding the sale of the club.
Ashley declared his intention to sell the club on Monday after a turbulent 10-year association with The Magpies at St James’ Park, wishing to complete the sell by Christmas.
In a brief statement, Ashley’s London lawyer Andrew Henderson said: “Since Monday, a number of additional parties have come forward which we believe to be credible.
“We are continuing to engage in conversation with a number of parties with whom we were engaged in negotiations prior to Monday’s announcement.”
Staveley and PCP Capital Partners, have attempted to purchase the club in the past and have now reportedly signed a NDA which enables them to begin the process of due diligence with Newcastle. This is where a legal team pour over the club’s books to ascertain the exact assets and liabilities United have.
Once this information is to hand, the the potential buyers can then make an educated business decision on whether to pursue purchasing the club. Ashley could also potentially perform ‘reverse due diligence’ with PCP Partners to ensure they have necessary funds available to buy the club and take it forward.
The whole process can be a lengthy one taking anything from one week to three months to complete.
Staveley, who has plenty of Middle Eastern contacts is willing to pay £300million for the club and has past experience after being involved in the takeover of Manchester City by Sheikh Mansour bin Zayed al-Nahyan in 2008.
The 44-year-old set up the Dubai-based private equity company PCP Capital Partners in 2008 and it soon secured international deals for clients in Qatar and the UAE.
Staveley’s company is backed by a reported £28billion in funds from the Middle East and China and she clearly has her sights set on becoming a big player in football.