Finance guru: This is Amanda Staveley’s ‘real angle’ amid £10m Newcastle United legal drama twist
Newcastle United supremo Amanda Staveley is alleged to have painted a false picture of the club’s finances with her rhetoric prior to the Saudi Public Investment Fund’s takeover in October last year.
That is the view of finance expert Doctor Dan Plumley, speaking exclusively to Football Insider about the latest twist in the legal drama involving former owner Mike Ashley.
Ashley sold the Magpies to PIF for £305million, with Middle East business financier Staveley engineering the deal.
The retail baron loaned Staveley £10m as part of the arrangement with the proviso that the new regime would not disparage his running of the club.
But as relayed by the Evening Standard last Saturday (29 October), Ashley alleges that Staveley gave the media a “false picture” of the Tynesiders’ finances in the aftermath of the buyout.
He now wants the £10m loan repaid early.
Plumley explained why Ashley is not happy with the language Staveley has used to describe his premiership at St. James’ Park.
“I think this comes down to an anecdotal picture,” the Sheffield Hallam University expert told Football Insider’s Adam Williams.
“It seems that it has been related to the way she referred to his running of the club and the investment he made or didn’t make.
“That was the line she was peddling and it was part of the picture she was giving that the new ownership structure is going to invest more than he has.
“It appears to be linked to the takeover and the real media angle. You can look at the leverage on that and how she used it to work the deal in her favour.
“If you study the accounts forensically, there shouldn’t be a false picture in there because you should be able to see exactly what’s going in. So, I think it’s more anecdotal than something that has been said about the accounts.”
In other news, pundit backs Newcastle United to sign three “proper stars” in January after source’s PIF reveal.