Journalist provides key update on Amanda Staveley's Newcastle takeover bid
By Russell Edge
Amanda Staveley and PCP Capital Partners’ period of due diligence is expected to take up to six weeks as she looks into purchasing Newcastle United, according to a reliable journalist.
Chris Waugh, Newcastle United reporter for the Chronicle, claimed in a live video (20/10, 15:00) on the newspaper’s Newcastle Facebook page that such a process could take anywhere between two weeks and three months to be completed.
However he said he expects Staveley’s appraisal of the club and its financial dealings to take up to a month and a half considering the size of the business, as she looks into a potential takeover from Mike Ashley.
A period of due diligence is where a prospective buyer looks over their prospective purchase, establishing the assets and providing the opportunity to evaluate its worth and potential.
Newcastle United confirmed on Monday that they were up for sale, releasing a statement from St James Holdings Limited, the company fronted by Ashley which holds control over the club.
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Staveley, who was pictured at the club’s 1-1 draw with Liverpool earlier in the season, has been constantly linked with a move for the club, and Reuters claim that she is willing to submit a £300million bid to secure the takeover.
Meanwhile the Chronicle claim that four parties have signed non-disclosure agreements, with the newspaper also reporting that Staveley has now joined them in agreeing to the paperwork.
In other Newcastle United news, a Russian billionaire has registered interest in taking over the Magpies.