Toon sale edges closer as Malaysian consortium are given guided tour
03 Jul 2009 - 18:18:39
The sale of Newcastle moved a step closer last night after a group of Asian businessmen were shown around the club.
It is understood that the potential buyers, thought to be from Malaysia, were given a tour of the club's facilities yesterday and have since returned to London to continue discussions.
Newcastle
Talk of the toon: Newcastle fans - and Mike Ashley alike - will be encouraged by the news the sale of the Championship club is coming to a conclusion
The identity of the group remains unknown, as do those of most of the consortia who have expressed a serious interest in buying the club, prompting a growing feeling that an end to a saga which has rumbled on for more than a month could be in sight.
Current owner Mike Ashley and the people closest to the ongoing negotiations were optimistic on Wednesday significant progress could be made within 48 hours, and while there is still much ground to be covered, it appears things are now moving more rapidly.
Indeed, there is a feeling a deal could be struck within days and the decisive move could be made next week.
Freddy Shepherd
A takeover would be effectively complete when the prospective buyer signed a sales purchase agreement, and they could then get on with the business of appointing a manager and starting to re-shape the playing squad.
Ashley put the club up for sale for the second time just days after the Magpies' relegation to the Coca-Cola Championship was confirmed on May 24.
At least four consortia have entered into detailed discussions, with an American-based group among the most advanced, while former chairman Freddy Shepherd has also been heavily involved.
However, Seymour Pierce, the investment bank engaged to handle the sale, have not put any deadline on bids being made and there has always been the possibility that someone could emerge from the pack to win the race.
Ashley has put a £100million price tag on the club and has insisted he will sell to the first consortium to come up with the cash.
A successful conclusion to the current talks would come as a welcome relief for the sportswear magnate, who handed over £134.4million to seal his takeover and has ploughed in around £110million since, although to disastrous effect.
