• Ashley wanted around £400m when he went to market
• Rafael Benítez’s future in doubt unless he gets January funds
Amanda Staveley’s Dubai-based financial advisory firm PCP Capital Partners has formally offered Mike Ashley a sum in the region of £300m for Newcastle United after conducting preliminary due diligence on the club’s finances.
Newcastle’s owner, who wanted nearer £400m, is pondering his next move and on Monday night was still to accept the bid in principle. Should the Sports Direct owner do so a period of exclusivity would be entered into during which specialist lawyers would undertake a period of formal due diligence. This process usually takes around a month, dictating that a final deal could theoretically still be negotiated and completed by Christmas, although a new‑year completion seems more likely.
Related: Newcastle United up for sale – but is Mike Ashley asking too high a price?
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