According to Football finance expert Kieran Maguire (via The Chronicle), Newcastle United owner Mike Ashley will take a serious financial hit should he decide to sell the club to American media mogul Henry Mauriss instead of Saudi Arabia’s Public Investment Fund.
The Magpies chairman has already agreed to sell the St. James’ Park outfit to PIF for £300 million, but the Premier League is yet to give the takeover the seal of approval, and Mauriss is readying a £350 million offer should the Saudis’ bid gets knocked back.
It remains to be seen if the EPL legal team will deem PIF worthy of owning Newcastle following the release of the World Trade Organization report on Saudis’ piracy, but rejecting their bid will be bad news for Ashley.
A £17 million deposit has already been made, indicating that contracts have been exchanged between the seller and buyers.
As a result, there would be penalties paid should Ashley decide to go with Mauriss’ bid.
A drawn-out legal battle between PIF and the Premier League is already anticipated should the takeover fall through, and it appears that the current Newcastle owner could also be in for a court case if that happens.
The Owners’ and Directors’ Test has entered its 11th week, and it is believed that a verdict on the takeover will be delivered next week.