Home News newcastle united fans react as amanda staveley puts takeover bid aside for 1 6 billion legal battle with barclays

Newcastle United fans react as Amanda Staveley puts takeover bid aside for £1.6 billion legal battle with Barclays



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Amanda Staveley

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:

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.