By Russell Edge

30th Oct, 2017 | 4:41pm

Report delivers exciting update on Newcastle takeover bid, discussions ongoing

By Russell Edge

A Chinese consortium’s interest in the takeover of Newcastle United has lessened as  Amanda Staveley’s bid has progressed without a hitch in recent weeks, according to a report.

The Chronicle claim on their website that despite initial strong interest early on the process, interest from eastern Asia has fallen to the wayside somewhat, with five potential investors having now signed non-disclosure agreements to further discussions of a possible takeover from current owner Mike Ashley.

The Sports Direct supremo has been in charge of the Tyneside club for a decade, having bought out Sir John Hall and Freddie Shepherd back in 2007, but it appears his time in the north east is coming to an end after officially advertising that the club was up for sale.

However while the Chinese investors seem to have backed out of a move, the report states that those working under Ashley have stated that discussions are still ongoing with several other parties.

The front runner would appear to be Amanda Staveley and the investment from PCP Capital Partners, who is currently examining Newcastle’s business assets and books in a period of due diligence.

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The Chronicle state that progress has been as well as could have been expected in what is a an exciting update for fans as they look to see the back of Ashley, who himself is said to be hoping to secure a sale before Christmas.

In other Newcastle United news, Staveley is looking to replicate the success of one of England’s biggest clubs at St James’ Park.

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