Newcastle owner, Mike Ashley, has officially put the club up for sale and is hoping to seal a deal by Christmas.
Ashley’s decade-long reign appears to be entering its final weeks, with the businessman prepared to accept staggered payments.
“To give the club the best possible opportunity of securing the positioning and investment necessary to take it to the next level, at what is an important time in its history, its present ownership has determined that it is in the best interests of Newcastle United and its fans for the club to be put up for sale,” a statement from his company, St James’ Holdings, read.
The 53-year-old paid £134 million for the Magpies in 2007, but his tenure has not been harmonious, including two relegations from the Premier League.
The statement suggested the developments have been made public due to growing “press speculation”.
“As one of the Premier League’s oldest and best supported football clubs – and for the benefit of its many fans and supporters in the UK and across the world – Newcastle United requires a clear direction and a path to a bright and successful future.
“To give an incoming owner the maximum possible flexibility to make meaningful investment in the club, including in its playing squad, the sale process will give interested parties the opportunity of deferring substantial payments.
“A process will now commence of identifying new ownership for the club that will be capable of delivering the sustained investment in and dedication to the club that is necessary for it to achieve its ambitions,” it added.
Andrew Henderson, a partner at law firm Dentons, is representing Ashley and told Sky Sports News HQ: “Our intentions at the moment are to see if the club can be brought forward into new ownership by, potentially, Christmas.
“That would allow for a period for serious interested parties to put themselves forward, for a diligence process to carry on, and then hopefully by Christmas for a sale to conclude.
“Assuming an appropriate person can be found to take the club forward, on exactly how payments are structured – how much would be payable on day one, how much would be payable down the line – there’s a real, genuine desire from our point of view to put the club in the best position going forward,” he added.
“If that means us helping out with additional funds in the short term, we would seek to accommodate that.”
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