By Russell Edge
Amanda Staveley and PCP Capital Partners’ reported £300million takeover bid for Newcastle United would have been paid in full to Mike Ashley only if the club won the Champions League in the next decade, according to a report.
The Times claim on their website that Ashley turned down the offer as he looks for a fix price of at least £350million, rather than the performance based deal which was proposed by the British businesswoman and her team.
The report revealed that there were a number of terms included in the original offer which would have had to be met for the Sports Direct supremo to receive the full amount.
This included a relegation clause which would have seen Ashley refund some of the money upon the Magpies losing their Premier League status, as well as the shock stipulation that the club would have to win the Champions League, a competition which they have not been a part of since 2003, in ten years for him to receive the £300million.
He has been in charge of the club since buying out Sir John Hall and Freddie Shepherd in 2007, and has overseen the Magpies reach the quarter finals of the Europa League, as well as suffer two relegations, during his time on Tyneside.
In other Newcastle United news, a report states that the takeover talks are on the brink of collapsing.