Tue, 17 Oct 2017 | BUSINESS SALE
Mike Ashley, the controversial chairman of Newcastle United, has announced plans to sell his controlling stake in the Premier League football club and hopes to conclude a deal “by Christmas”.
Any sale would end the Sports Direct billionaire’s 10-year association with the club, during which time the Magpies have been relegated twice from English football’s top tier.
According to the Times newspaper, Newcastle – who currently sit in 9th spot in the Premier League after eight games – could be acquired for £380 million.
Ashley has been a divisive figure since he bought the Tyneside football club for £134.4 million in 2007, often prompting supports to protest about the way the Sports Direct owner has run the club.
He has previously put the club up for sale unsuccessfully: in September 2008 he sounded out offers following a series of angry demonstrations spurred on by club legend Kevin Keegan’s departure, only to take the club off the market in December of that year.
A statement on Newcastle United’s website announcing the sale says the club “requires a clear direction and a path to a bright and successful future”.
Newcastle's statement added: "To give the club the best possible opportunity of securing the positioning and investment necessary to take it to the next level, at what is an important time in its history, its present ownership has determined that it is in the best interests of Newcastle United and its fans for the club to be put up for sale."
Though no buyers have yet to be identified, it has been reported that Amanda Staveley, one of Britain’s wealthiest women with a net worth of £110 million, could be a potential suitor.
Staveley, a former model and current head of wealth management firm PCP Capital Partners, sparked speculation regarding a takeover deal earlier this season after being spotted at a Newcastle match and talking to club’s managing director Lee Charnley.
Newcastle’s latest accounts – which are correct up to 30 June 2016, just before the club’s relegation to the Championship – reveal an annual profit of £900,000 and turnover of £126 million in the financial year 2015-16.
Subscribe to the Business Sale Report here.
This opportunity would be an ideal bolt on for an existing lighting retailer looking to further expand its operations. The business has a long established relationship with their very loyal customer base, lending to its superb reputation. Offers...
LEASEHOLD
Offers an extensive range of high-quality, hard-to-find children’s educational toys, books and learning resources for customers throughout the UK and Europe. Supplies its products to customers through a variety of online channels, including Amazon UK...
LEASEHOLD
The business has created a market leading app, providing a B2B communication and onboarding platform for its customer base. The app is an innovative and easy-to-use platform, reinventing a law firm’s client experience - enabling digital onboarding an...
LEASEHOLD
|
05
|
|
Dec
|
ENT healthcare firm acquired at 9.2x profits | BUSINESS SALE
HL Healthcare Ltd, a Warwick-based business selling over-the...
|
02
|
|
Dec
|
Kingswood continues acquisitive growth with £12.4m deal | BUSINESS SALE
Wealth management consolidator Kingswood Holdings Ltd has co...
|
01
|
|
Dec
|
Industrial products group acquired at up to 14x EBITDA | BUSINESS SALE
Industrial products firm Wixroyd Group has been acquired by ...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources