Malaysian Consortium Reportedly Makes £80m Bid for Newcastle

A Malaysian consortium has reportedly submitted an £80m for Newcastle with Mike Ashley set to review interest from all parties looking to buy the club


A Malaysian consortium reportedly submitted an £80m bid to Mike Ashley for control of Newcastle United yesterday. The Malaysians, who were shown round St James' Park on Thursday after watching the slightly bemused players being put through their paces at the training ground, seemingly made their offer on a day when Seymour Pierce, the investment bank brokering the sale, was also hoping for rival bids from at least two of the other three consortiums which have been carrying out due diligence at the club.

All interested parties have signed non-disclosure agreements and their identities remain closely guarded secrets although Freddy Shepherd, Newcastle's former chairman, is involved with one of them.

Another consortium, from the United States, had been regarded as the favorite but, when the Malaysians flew to London with Derek Llambias, Newcastle's managing director, on Thursday evening and immediately met Seymour Pierce, that perception changed.

Ashley, who wants £100m for the club and will take a thumping loss on his investment, is likely to spend the weekend pondering his options but, before any substantive progress is made, one consortium will need to sign a sales-purchase agreement. That would set the takeover in full motion and allow the appointment of a manager – most probably, though not definitely, Shearer.

Despite Seymour Pierce's optimism that a deal can be quickly concluded, nothing is certain and some observers fear that legal and financial barriers could dictate that things are destined to drag on for a few more weeks yet.

Shepherd was on a golfing break in Portugal yesterday.

© Guardian News & Media 2008
Published: 7/3/2009
 
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