Bank appointed to handle Magpies sale

Published Add your comment

Football News

Newcastle owner Mike Ashley has appointed investment bank Seymour Pierce to handle the sale of the club.

The London-based bank has been drafted in as the billionaire attempts to offload the business following demonstrations by fans in the wake of manager Kevin Keegan's departure earlier this month.

"The board of Newcastle United can confirm it has appointed the London-based investment bank Seymour Pierce to act on the potential sale of the club." A club statement said.

"All matters relating to the sale of the club, including inquiries from interested parties, should go through Seymour Pierce. The club will be making no further comment at this time."

Ashley confirmed he was putting the club up for sale after fans staged mass protests against him and the recruitment team he appointed before and after the 2-1 Barclays Premier League defeat by promoted Hull.

He, managing director Derek Llambias, executive director (football) Dennis Wise and vice-president (player recruitment) Tony Jimenez last week flew to Dubai in an effort to push through a quick disposal.

However, amid a flurry of statements from supposedly interested parties insisting they were not in the market for the club, and allegations of snubbed meetings, they returned without a deal having been struck.

As well as being linked with potential purchasers in Dubai and Abu Dhabi, there has been talk of investment from China, Qatar and more recently, Nigeria.

Indeed, reports from Africa have suggested a bid of £350million - some £130million less than the asking price allegedly quoted last week - has already been tabled.

Ashley bought Newcastle around 16 months ago for £134.4million, and has since invested a further £110million to service the debts he inherited and fund transfers.

Copyright (c) PA Sport 2008, All Rights Reserved.

Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE:

Premier League
Newcastle United
Hull City
Kevin Keegan

Article Comments

Read more

Report author of article

Please let us know if you believe this article is in violation of our editorial policy, please only report articles for one of the following reasons.

Report author


This article has been written by a member of the GiveMeSport Writing Academy and does not represent the views of or SportsNewMedia. The views and opinions expressed are solely that of the author credited at the top of this article. and SportsNewMedia do not take any responsibility for the content of its contributors.

Want more content like this?

Like our GiveMeSport Facebook Page and you will get this directly to you.

Already Subscribed to Facebook, don't ask me again

Follow GiveMeSport on Twitter and you will get this directly to you.

Already Following, don't ask me again

Like our GiveMeSport Page and you will get this directly to you.

Already Subscribed to G+, don't ask me again