Mike Ashley to pocket £17m even if Saudi takeover of Newcastle falls through… as deposit paid is non-refundable – The Sun
MIKE ASHLEY will pocket £17million even if the £300million Saudi Arabian takeover of Newcastle United falls through.
The Middle East consortium, led by Amanda Staveley, paid that figure as a deposit.
And according to the Daily Mail, that means current owner Ashley stands to net a nice windfall even if the Premier League refuse to ratify it.
That deposit is the biggest indication yet Staveley and her partners, the Public Investment Fund of Saudi Arabia and the Reuben brothers, have every confidence the deal will go through.
However, they are remaining cautious in celebrating the takeover despite it seemingly being complete, with just approval from the Premier League now needed.
But the £283m fee to rubber-stamp the purchase from Ashley will only be transferred once all documents have been signed off.
And if they do not pay it in full or the English top-flight object to it, Ashley will still be at £17m better off.
That five per cent figure was agreed when the sale price was set at £340m – with it later dropped to £300m due to the affect of the coronavirus crisis – but the deposit remained the same.
Meanwhile, reports are claiming Ashley was on the verge of confirming the sale last week before he was asked to delay by the Saudi buyers.
The Saudi business custom is to wait until full completion before any announcements.
Now the excited Newcastle supporters will have to wait for the official confirmation once the Premier League has signed it off, which will be within the next three weeks.
Source: Read Full Article