Keith Downie has revealed some detail into the Bellagraph Nova (BN) Group’s bid to take over Newcastle United.
As per the Sky Sports anchor’s tweet, the group have claimed that they have made a £280m bid to buy out Mike Ashley, as Downie confirmed that the Sports Direct chief executive’s lawyers have held talks with them, adding: “I’ve seen documentation.”
Will the BN Group be successful in their Newcastle takeover bid?
The documents to which Downie refers contain the initial £280m offer, a letter of intent and a 29-page document with detailed financials, according to his tweet. However, as the journalist confirmed, the £280m offer is short of Ashley’s valuation of the Tyneside club, but the Magpies have yet to formally react to it.
The docs contain £280m offer, letter of intent, and 29-page document with detailed financials. However that £280m offer falls short of what Ashley values the club. NUFC have yet to formally react #nufctakover
— Keith Downie (@SkySports_Keith) August 17, 2020
Indeed, the consortium, which consists of the businesswoman Evangeline Shen as well as Singaporean cousins Terence and Nelson Loh, have reportedly already offered St. James’ Park legend Alan Shearer the chance to manage the first team, or at least play a big part in its development.
However, if the bid falls below Ashley’s expectations, it is likely to get rejected, and thus they will likely have to come up with more money.
The Kingdom of Saudi Arabian (KSA) group, which consists of the Middle Eastern crown prince Mohammed bin Salman (MbS), his country’s Public Investment Fund (PIF), businesswoman/head of PCP Capital Partners Amanda Staveley and the billionaire London-based Reuben brothers, bid £300m to take over at Newcastle, so the BN Group will likely have to at least match this sum.
Nevertheless, perhaps it is useful insight from Downie into their intentions as the whole saga develops.
Geordies, can you see the BN Group taking over? Comment below with your views!
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