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Mon 30 Sep 2019 02:47 PM

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Rival bid to Dubai's Bin Zayed Group reported for Newcastle United

Bin Zayed Group had been on the verge of taking over English Premier League Club in the summer, reports

Rival bid to Dubai's Bin Zayed Group reported for Newcastle United
Mike Ashley, the founder of the Sports Direct retail chain, bought Newcastle United for £134.4 million in 2007 but has faced a string of protests from supporters disgruntled at what they see as a lack of investment in players.

Fans of English Premier League side Newcastle United are digesting more takeover talk – and the latest bid doesn’t involve Dubai-based Bin Zayed Group.

According to a report in the Daily Mail, the club is subject to an offer from former Manchester United and Chelsea chief executive Peter Kenyon and US-based GACP, who also own Ligue 1 side Bordeaux.

A 46-page brochure distributed to potential investors details the plans, with the offer to buy the club standing at £125million now, with further payments, taking the deal up to £300m.

Newcastle United have refused to comment on the latest speculation, while the Bin Zayed Group was contacted by Arabian Business for comment.

Earlier this year it was revealed that an American hedge fund, backed by Japanese investment giant SoftBank, had been involved in talks with Bin Zayed Group about the potential $350 million takeover of United.

According to a report in the Daily Mail, Fortress Investment Group was among a clutch of groups talking to Bin Zayed. It also claimed Bin Zayed had appointed accountants from KPMG and lawyers from Pinsent Masons to work on a deal.

Mike Ashley, the founder of the Sports Direct retail chain, bought Newcastle United for £134.4 million in 2007 but has faced a string of protests from supporters disgruntled at what they see as a lack of investment in players.

He has put Newcastle up for sale three times but every bid has failed to produce a deal.

In July a statement from Bin Zayed Group, released on social media via a Dubai journalist, said: “Both parties have worked diligently in finalising a deal, none more so than ourselves. We have completed every aspect required in a takeover process.

“Press claims of no bids or Premier League approval processes are simply untrue.

“The current owners have cooperated amicably throughout this process and if a deal is not forthcoming it will not be due to lack of effort from both parties.”

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