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Ashley back to square one

Newcastle and PCP takeover talks off

Mike Ashley Sky vid

Mike Ashley: no deal

Takeover talks between Newcastle United owner Mike Ashley and Amanda Staveley’s PCP Partners have been called off.

The two parties said there was no deal, although they appeared to leave room for a resumption of talks at a later date, according to sources.

Discussions between the two parties emerged before Christmas and Sky News now reports a source saying attempts to reach a deal have proved to be “exhaustive, frustrating and a complete waste of time”.

However, another source said PCP Capital Partners made a carefully considered bid in November that remains on the table. It is understood to be in the region of £250 million.

A relegation compensation clause is thought to have been included and may have proved a sticking point in the negotiations.

Mr Ashley, a former director of Rangers FC, put Newcastle United up for sale last October after pumping more than £130m into the club.

The stalled process of determining the club’s ownership has frustrated the club’s coach Rafa Benitez in his attempts to strengthen his squad. He has been told there is no money available.

Ms Staveley is a former partner of Prince Andrew and launched her PCP Capital Partners as a small Mayfair financial advisory. She is said to have an estimated £2 8billion under management and is reportedly open to buying a Premier League football club.

Her company was involved in the £210m deal that saw Sheikh Mansour take over Manchester City through the Abu Dhabi United Group.

She was involved in a failed bid for Liverpool when Benitez was manager.

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