Ashley Wants £481m For Newcastle United
Media reports in the Middle East are claiming that owner Mike Ashley is valuing Newcastle United at £481m in his negotiations with investors, a profit of £250m on the value of his takeover 16 months ago.
Despite the Dubai ruling family insisting they are not looking to buy any Premier League club, talks are believed to have been opened between Ashley and the Dubai-based group Zabeel Investments.
Sale documents have been reportedly given to Zabeel by Ashley containing a price of £481m for the club he bought for £130m 16 months ago. Ashley has since ploughed another £100m into the club to reduce the overall debt.
Zabeel Investments is owned by Dubai’s ruler Sheikh Mohammed bin Rashid Al-Maktoum and was part of the consortium that tried to buy Liverpool in 2006.
Zabeel has denied any interest in Newcastle following in the footsteps of other consortiums in Dubai, India and Japan in distancing themselves from investing in the troubled club.
Ashley announced he was putting Newcastle up for sale after angry fan protests at the departure of manager Kevin Keegan proved the financial straw in the owner’s patience.
