According to Mirror Sports, PCP Capital Partners owner and finance broker Amanda Staveley is set to put Newcastle United’s £300 million takeover bid aside as her £1.6 billion legal battle with Barclays starts this week.
She is currently fronting a bid that will see her own 10% of the Magpies, but the takeover could now be further delayed as she is set to appear in court from tomorrow.
Saudia Arabia’s Public Investment Fund are playing a key role in the bid, with 80% of the club set to be theirs, while the Reuben Brothers will own the remaining 10%.
Staveley is accusing Barclays of deceit after the bank unfairly favoured Qatari investors over her firm as they looked to avoid a government bail-out and raise £7.3 billion in cash during the 2008 banking crisis.
Her firm was paid only £30 million for their work in arranging a deal, but Staveley insists it could have been up to £1.6 billion if PCP hadn’t been deceived by Barclays.
The news that the legal battle could see her put Newcastle takeover bid aside hasn’t gone down well with some of the fans, and here is how they reacted to it on Twitter:
Takeover is dead. Let’s move on.
— Andy Hudson (@andyhudson77) June 7, 2020
I honestly think we need to move on from this. Leave it alone and if it happens it happens. There is clearly some major issues to sort which are becoming rather large obstacles. I've personally ran out of patience.
— Garry James (@GJV_85) June 7, 2020
So she has to put sitting and waiting for a PL decision on the back burner for a bit? 😂
— Cory Graham ⚫️⚪️ (@Coryjgraham) June 7, 2020
It will be Christmas soon, then any #nufc will have to be put back again 😡
— Mark Sothcott ⚽ (@marksothcott) June 7, 2020
Absolutely fed up of this saga now to be honest.
— Richie Southern 🧼 (@RichySouthern) June 7, 2020
It’s in the hands of the premier league isn’t it ? So she isn’t even really involved at this stage
— NufcFan (@NufcFan20) June 7, 2020
I’m pretty sure she can multi task.
— David Short (@davidshort63) June 7, 2020
"Put on the backseat"
One of those phrases that doesn't mean anything. What's she going to do – ask the Premier League to stop with their tests because she's got something else to do?
Stories like this crumble under any reasonable analysis.
— Sam (@Funguslover) June 7, 2020
Why does she have to put takeover in the backseat?
Very much doubt she can do much about it at the moment will be the premier league and her representatives.
This kind of guesswork is causing unnecessary concern to lots of fans.
— Glen Scott (@glen19061) June 7, 2020
PIF’s £300 million bid to buy Newcastle was expected to have been completed a while ago, and Staveley wouldn’t have imagined that it wouldn’t have been wrapped up before tomorrow’s case.
The deal is still awaiting ratification, even though the Premier League began its owners’ and directors’ test almost two months ago, and fans are beginning to get frustrated.