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NUFC sale "progressing extremely well"

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Beeb:

 

The sale of Newcastle United is progressing "extremely well", according to the man who is brokering the deal.

 

Keith Harris, chairman of investment bank Seymour Pierce, told BBC Radio 5 Live there are several groups who are "seriously interested" in the club.

 

He said that despite the global financial crisis, he would be surprised if current owner Mike Ashley was still at the club at the end of the season.

 

"I'm quietly confident there'll be a good solution for Mike and the fans."

 

Ashley put the club up for sale in mid-September after he was on the end of a furious backlash from fans upset at the departure of manager Kevin Keegan.

 

Harris, who had acted as adviser in the sales of fellow Premier League sides Aston Villa to Randy Lerner in 2006 and Manchester City to Thaksin Shinawatra in 2007, was brought on board by Ashley almost immediately.

 

The former Football League chairman admitted that the recent financial turmoil had had an impact on his efforts to broker a deal.

 

But he added: "In his time of owning it, Mike has cleaned up the balance sheets and Newcastle is one of the few clubs that has no debt whatsoever, so that makes it very attractive to an incoming owner."

 

Harris also revealed that Ashley had put no time limit on the sale, and that the prospective new owners are not UK-based.

 

Prospective bidders have been given until 17 October to register a firm interest in the club, which is thought to be available for £280m to £300m.

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"end of the season"

i dont want the cunt there by xmas

the rate were going we need something sorted long before then

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"end of the season"

i dont want the cunt there by xmas

the rate were going we need something sorted long before then

Aye, doesn't sound like the 'end of october' that seemed to be coming from those involved

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So the club now has no debt - even from transfer fees still owed?

my thort exactly. When he talks to the fans about lack of transfer activity he blames outstanding transfer debt. but quite clearly is sweeping that under the rug to all the potential suitors

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Note to NUSC: no need to issue a statement regarding this lot.

 

"NUSC views the recent news regarding the progress of the sale of NUFC with interest and sincerely hopes that Mike Ashley dies in a horrible bacon slicing accident, gather your axes and pitchforks and storm the stadium with burning torches and slogans misspelled on bed sheets etc etc....."

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So the club now has no debt - even from transfer fees still owed?

 

I think we have more debts owed on players than we owe to others, so that will be discounted- they're really talking about the long-term borrowing that Ashley was obliged to settle as part of the takeover.

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So the club now has no debt - even from transfer fees still owed?

 

I think we have more debts owed on players than we owe to others, so that will be discounted- they're really talking about the long-term borrowing that Ashley was obliged to settle as part of the takeover.

 

Thats right iirc aye. HE payed off the debts that were said to be poorly structured etc. There were still debts on players owed which I think he reduced (the amount of £30M comes to mind for some reason) but didnt pay off completely.

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He said that despite the global financial crisis, he would be surprised if current owner Mike Ashley was still at the club at the end of the season.

 

So would I, but that's just because in the end he'll panic and reduce his asking price to a reasonable one. Although how much damage will have been done to the club by then :D.

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Mike Ashley is speaking to seven parties interested in purchasing Newcastle and he has not lowered his asking price, according to the chief executive of the investment bank handling the sale.

 

Investment bank Seymour Pearce has been charged with the task of finding a buyer for The Magpies and chief executive Keith Harris has confirmed there is strong interest from seven parties.

 

It has been suggested the turmoil in the world financial markets has prompted Ashley to cut his asking price, but this has been denied by Harris.

 

“If you think back, in the last month there has been some extraordinary turbulence in the world’s financial markets,” Harris told Setanta Sports News.

 

”We have been progressing, sifting, and talking to a short list now that we have got it down to and that progresses.

 

“One of the accurate figures that I have read is seven parties that are interested and I can confirm that there are seven parties that we are having talks with.”

 

Ashley has set no deadline for a sale, but Harris feels progress is likely to be made over the course of the next month.

 

He added: “There is no deadline, but we all know the importance of the transfer window and we would expect any new buyer to want to be in place so that he together with his manager has an opportunity to look at the team and make assessments as to what needs to be done in January.

 

”So you would have thought that someone would want four to five weeks to do that, which takes us broadly to the middle of November.”

 

It has been suggested Ashley has been forced to drop his asking price from £450 million, but Harris claims this is a figure which has been pulled from thin air.

 

“When newspapers get hold of football stories, if they can’t get hold of a figure they want they kind of invent one,” stated Harris. “Nobody that I know knows where the £450m figure ever came from.

 

”It hasn’t been a question of dropping a price from that level, it is a question of providing information and making sure people have the facts.

 

”Like for example there is no debt at this club. Mike Ashley paid off the debt, it is things like that we have been doing to give people the real picture of the club, its prospects.

 

"There has been no reduction of price talked about, it is just trying to see at what price level the interest is.”

 

Although determined to secure the best price, Ashley is still keen to ensure the club is handed to the right people.

 

”It is a terrific football brand and Mike wants to make it clear that although he wants a maximum price, he want to make sure it goes into hands of people who can nurture it for the future.”

 

Who to believe :)

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Debt free. Apart from the loan of £40+m to pay back to Ashley, of course; a mere technicality!

 

:D The debt is now equity, which is more efficient for a prospective buyer.

 

Its canny basic stuff this.

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Debt free. Apart from the loan of £40+m to pay back to Ashley, of course; a mere technicality!

 

:D The debt is now equity, which is more efficient for a prospective buyer.

 

Its canny basic stuff this.

 

Not sure if that was a dig or not :)

 

Anyway, yes, the money he lent is now equity (we all know that) - the point I was making is that the price on the ticket reflects the £40+m Ashley paid off the debt with i.e. what the club is worth +

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Debt free. Apart from the loan of £40+m to pay back to Ashley, of course; a mere technicality!

 

:D The debt is now equity, which is more efficient for a prospective buyer.

 

Its canny basic stuff this.

 

Not sure if that was a dig or not :)

 

Anyway, yes, the money he lent is now equity (we all know that) - the point I was making is that the price on the ticket reflects the £40+m Ashley paid off the debt with i.e. what the club is worth +

 

I've no idea what you're talking about. That doesnt worry me in the slightest either.

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Debt free. Apart from the loan of £40+m to pay back to Ashley, of course; a mere technicality!

 

:D The debt is now equity, which is more efficient for a prospective buyer.

 

Its canny basic stuff this.

 

Not sure if that was a dig or not :)

 

Anyway, yes, the money he lent is now equity (we all know that) - the point I was making is that the price on the ticket reflects the £40+m Ashley paid off the debt with i.e. what the club is worth +

 

I've no idea what you're talking about. That doesnt worry me in the slightest either.

 

The price of the club is £40m more than it would have been if the club were £40m in debt. Yes?

 

EDIT: someone put me right. I have no problem in being considered thick as I'm too old to let that bother me. If Ashley wants his £40m back, then the price of the club is inflated by £40m, yes ???

 

EDIT 2: Fuck it. I'm off.

Edited by snakehips

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Debt free. Apart from the loan of £40+m to pay back to Ashley, of course; a mere technicality!

 

:D The debt is now equity, which is more efficient for a prospective buyer.

 

Its canny basic stuff this.

 

What about the extra £50m-80m? Debtquity? :)

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