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Newcastle deal closer

A deal to sell Newcastle United now looks closer after Amanda Staveley made an improved offer of £300m: Takeover

It might not be possible to get all the formalities completed until February and Newcastle urgently need quality signings in the January transfer window to boost a side that still looks like a Championship team. However, it might be possible to make an arrangement whereby purchasers PCP Capital Partners paid for any signings. A sum of £30m is being talked about.

Ashley bought Newcastle a decade ago and has invested around £260m in the club. He had hoped to sell for nearer £400m and turned down Staveley’s opening £250m offer. The Sports Direct owner has not yet accepted the improved bid but it is understood he is minded to do so. Newcastle's recent poor form appears to have concentrated his mind.

The identity of Staveley’s backers remains opaque but the 44-year-old is believed to have secured funding from the Middle East – quite possibly Saudi Arabia – and China.

As part of the deal the Sports Direct signage will stay at Newcastle for a limited period, effectively free of charge.

£300m is a realistic valuation according to analysts who have looked at the price in depth: Estimating Newcastle's value

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