Kieran Maguire: PIF will be 'delighted' after £10m Newcastle payout already sanctioned
All parties in the Newcastle United takeover case will be happy despite the fact well in excess of £10million has been spent on legal fees.
So says finance boffin Kieran Maguire, speaking exclusively to Football Insider about the hidden costs of the PCP Capital Partners buyout.
Mike Ashley pocketed £305million from the sale of the club on 7 October after a lengthy legal battle with the Premier League.
As per BBC Sport on 29 September, Ashley’s St James’ Holdings investment vehicle has splashed out north of £10m in lawyer fees.
That figure, which does not include the Premier League and PCP’s costs, is likely to have risen dramatically following the completion of the takeover.
But Maguire argues that all of the big players in the historic deal will be satisfied with their outlay.
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“Paying lawyers is never cheap,” he told Football Insider correspondent Adam Williams.
“But I think the major stakeholders will all be happy with the outcome of this case, which has gone on and on.
“Mike Ashley will feel vindicated. He has been trying to get rid of this asset for the vast majority of the time that he’s owned it.
“PIF have played the long game. Ultimately, they have utilised the full force of the law to get the Premier League to come to the table. They’ll be delighted.
“The Premier League will be satisfied that, having taken the appropriate legal advice, this takeover is acceptable in their rule book.“