Newcastle United has been put up for sale by the owner of the club, Mike Ashley, who hopes that a deal will be completed by Christmas.
Mike Ashley who has been at the helm of affairs at the club for a decade is prepared to welcome a deal that involves a staggering payment if the right investor is attracted.
A statement released by the company, St James’ Holdings reads:
“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.”
Ashley was reported to have paid 134 million Pounds to acquire the club in 2007, whilst clearing existing debts and securing the club’s financial fortunes at the time. However, his tenure at the club has not been devoid of controversies, with two relegations from the Premier League as well as numerous rifts with the club’s fan base.
The statement further read:
“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.”