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MIKE ASHLEY is about to sell Newcastle for a £ 300 million overthrow to a group led by Amanda Staveley.
Sources claim that Ashley has lowered her starting price by £ 340 million and official documentation shows that a deal is closed with a Saudi-backed consortium involving Crown Prince Mohammed bin Salman.
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A key document indicates that Ashley is so interested in completing a sale that she is ready to lend money to Staveley, the financier at the helm of the acquisition, so she can finance her ten percent stake.
The Premier League is understood to be in the process of conducting the owners and directors test in the Staveley-led group, the final hurdle before the transaction can continue.
The nature of Saudi Arabia’s Public Investment Fund’s involvement in the deal could be of concern to Prem.
But barring any last-minute heart changes, the stage is set for Toon fans to finally get their wish and see Ashley leave the club after 13 years.
Several important documents have emerged confirming that the proposed acquisition is at an advanced stage.
They include the registration documents of a company created in January.
JV1 directors are Staveley, Stephane Nayum and Mehmet Saydam; the latter two are close partners of brothers David and Simon Reuben, the British billionaire tycoons who will take a 10 percent stake.
Another Staveley company has entered into a separate financial agreement with a company controlled by the brothers.
But the most important documentation refers to an agreement between St James Holdings, the Ashley firm that eventually owns the club, and two of Staveley’s companies, PCP Capital Partners and PCP International Finance.
The document, released at Companies House just before Easter weekend, reveals that Staveley is effectively lending money from SJH in connection with a separate, secret seller loan agreement.
As collateral for the loan, Staveley companies are pledging part of the proceeds from a long-running court case against Barclays.
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The 47-year-old Ripon-born businesswoman who made THREE offers for the club between November 2 and 17, 2017 are suing the bank for £ 1.6 BILLION.
It relates to commission demands plus interest after helping him avoid falling on public property in 2008.
Staveley helped establish the deal that saw Abu Dhabi’s Sheikh Mansour provide a £ 3.5 billion bailout just weeks after she negotiated her takeover of Manchester City.
Barclays is fighting his claim, which has not yet reached court.
But the VLA document states that Staveley companies will receive a minimum of £ 150 million.
The terms of the loan guarantee with SJH state that any proceeds from the court case must be paid into specific bank accounts and a balance of £ 13 million must remain in them until the debt is settled.
This suggests that Staveley is investing £ 17m of his own money in the Toon acquisition now and will pay £ 13m plus generous interest later.
Newcastle and the other parties to the proposed acquisition declined to comment.
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