By Kieran Maguire

9th Oct, 2021 | 5:00pm

Kieran Maguire baffled by 'confusing' £5m Newcastle takeover mystery

PCP Capital Partners have paid over the odds for Newcastle United.

That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider after the £305million takeover passed on 7 October.

That figure is £5m less than the £300m fee agreed when PCP made their initial approach in April 2020, as per BBC Sport.

As per The Sun on 7 October, Mike Ashley claimed that a “higher offer” from a “reputable bidder” was rejected in favour of the PIF-led consortium.

Maguire admits he fails to see how the club has risen in value despite a lack of investment and its struggles on the pitch.

“I think Mike Ashley has done well to extract that price,” he told Football Insider correspondent Adam Williams.

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“We are effectively 18 months on from the initial position, and since then Newcastle have deteriorated.

“There has been no infrastructure spend, so they are playing catch-up there. There hasn’t been a lot of investment on the pitch either.

“The club is not in a good position as far as the table is concerned. PIF have effectively paid for the brand. They will be looking to the future.

“But I expect that if someone had done a really hard valuation, it would have come out at a lower price, which is confusing.

“The £300m initially agreed price was in a non-Covid world too. We don’t really know how that’s going to change in the coming months.

“They may have paid him a few more million than it was worth, but in the wider scheme of things, they aren’t going to care.”

In other news, Newcastle United backed for “£200m” January spree after “incredible” update.