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Volume 7 No. 83
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Newcastle United Bidder Amanda Staveley Wants Deal Done Within Two Weeks

Amanda Staveley wants her bid of £250M ($336M) for Premier League side Newcastle United "to be accepted in a fortnight," according to Matt Hughes of the LONDON TIMES. The Middle East-based financier "is keen to press ahead with her attempt to buy the club and is concerned about running out of time." She wants to complete the takeover "well before the end of the January transfer window" and the EPL requires 30 days once an agreement has been reached to "undertake due diligence and ratify the deal." Newcastle Owner Mike Ashley has "rejected proposals for a series of staged payments that would generate a higher total" and the £250M offer, "to be made in a one-off payment, is the only one on the table." Ashley had been hoping to get £380M ($510.5M) for the club and "may have to revise his valuation dramatically as there appears to be little prospect of Staveley increasing her bid significantly." The talks "have been complicated by Newcastle’s position in the Premier League" after a run of six games without a win. Newcastle’s value would halve if it were relegated to the League Championship, according to experts (LONDON TIMES, 12/5).

AT WHAT PRICE?: In London, Craig Hope reported Ashley will not accept Staveley's offer of £250M. He would, however, reportedly "be willing to listen to a new offer" in the region of £300M ($403M) -- "especially if it contains no clauses -- giving hope that a deal could yet be struck." There "appears to be a stand-off between the two parties at present and the chances of a takeover being completed before Christmas have faded" in the past fortnight (DAILY MAIL, 12/5).