Just over two weeks ago, news broke that Mike Ashley’s ill-fated reign as Newcastle United owner was close to ending, with the businessman reportedly agreeing a deal to sell the club for £300m to Amanda Staveley’s Saudi Arabian-backed consortium.
Such news was swiftly brushed away by Newcastle fans, with the club being the subject of various takeover attempts over the last few years, but to no avail; with the hope being associated with failed takeovers breaking Geordie hearts.
However, the latest reports on the Saudi-backed bid gained momentum, with reliable sources such as Sky Sports News as well as the Newcastle Chronicle later detailing that a deposit had been paid by potential buyers PCP Capital Partners, while contracts had also been exchanged.
The news broke unexpectedly, without prior rumours, suggesting that the two parties had been in negotiations for some time. The surprising nature of the broadcast also implies that Staveley’s consortium had been in a period of due diligence, which is arguably a crucial factor when conducting such a high-profile purchase.
It is understood that the deal is in the process of the Premier League’s Owner’ and Director’s test, which is the conclusive stage of a takeover. Within the tests, Premier League officials run mandatory background checks on potential new owners, while considering their capability to finance a club, as well as investigating any criminal records.
The checks are comprehended to have begun earlier this month, while the process can be a lengthy one and can take up to a month to complete.
The Toon faithful can be assured that the exchange of ownership of the club is imminent, with many taking to social media to express their delight. On Twitter #Cans was trending when the news broke, which was a testament of their excitement.
Cans will be on ice among Tyneside, with everyone associated with Newcastle United being patient and awaiting confirmation of the deal.