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Nervy times as Newcastle United takeover bid rumbles on

Posted on May 31st, 2019 | No Comments |

Sheikh Khaled bin Zayed Al Nahyan.
Sheikh Khaled bin Zayed Al Nahyan.
There is a feeling of déjà vu amongst Newcastle United fans at the moment, with a proposed £350 million takeover bid dominating the headlines.

The Bin Zayed Group – led by Sheikh Khaled bin Zayed Al Nahyan – are adamant their bid is serious, but the current situation is one that is all to familiar to Newcastle supporters.

Amanda Staveley’s failure to meet Mike Ashley’s asking price earlier this year was a huge disappointment to fans who are desperate to see the back of the current owner.

Read on as we look at the latest state of play at Newcastle.

Sheikh Khaled insists group have provided proof of funds.

The Bin Zayed Group has claimed it has provided the Premier League with proof of funds to buy the club and is helping with its fit-and-proper-person test.

“The proof-of-funds statement was forwarded to Mike Ashley’s lawyers on 17 April, 2019,” the Bin Zayed Group said in a statement.

“The so called fit-and-proper Premier League process is a standard procedure which will take time, and we are doing all we can to assist the Premier League during this process.”

“We feel the need to clarify this point in order for the fans and the general public to understand the timelines.”

Ashley stays tight-lipped.

A feature of Ashley’s ownership of Newcastle has been his failure to communicate properly with the club’s fanbase.

Fans using the bookmakers listed at freepromotionalcode.co.uk would have made a fortune backing Ashley not to comment on the takeover bid and his silence is as unfortunate as it is predictable.

Ashley historically prefers to conduct his business out of the public eye and has proved to be difficult to deal with in the past.

The club are unlikely to comment on the bid until it is resolved one way or the other, meaning fans will have to stay patient for the latest football news until then.

What comes next?

The prospective new owners must meet specific criteria laid down by the Premier League in order to complete a takeover of the club.

This includes providing proof of funding for the deal and a business plan showing that all liabilities can be met for at least the following 12 months.

They must also pass the Owners and Directors Test (ODT) which prohibits unsuitable individuals or groups from taking control of a club.

The process could take up to a month or more to complete and potentially leaves Newcastle with little time to do any meaningful business during the summer transfer window.

NUFCBlog Author: Frankly Various Frankly Various has written 39 articles on this blog.

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