The proposed Bin Zayed Group takeover of Newcastle United could take months to complete, according to takeover expert Daniel Geey.
It has been a rollercoaster month for the Magpies, with the future of ownership and their management in the air. It was reported by the Sun at the end of May that Mike Ashley had agreed a £350million figure to sell the club.
The Bin Zayed Group have confirmed they have already provided proof of funds to the Premier League, with reports suggesting a deal could be completed by the end of June.
Speaking in an interview with the Chronicle, Geey, a partner at sports law firm Sheridans said: “This is a complicated, painstaking process that can take several months. It’s very difficult to complete a deal of this magnitude in a short period of time.”
“There’s lots of different considerations that make that the case but ultimately there are likely to be two or three pretty important things that are going on in the meantime.”
It is stated that the next step after due-diligence is for the BZG group to sign a Sales Purchase Agreement, which is followed up with testing by the Premier League.
OPINION
This takeover was beginning to delve into the unknown for many involved at Newcastle, especially their fan base. After news that the bid had broke, there were celebrations around the North East – after all, it appeared they would finally see the back of Mike Ashley, who hasn’t exactly got along with the fans during his time at the club for many different reasons. Geey’s comments would have provided a much-needed update on why news appears to have calmed down in recent days, with due diligence obviously playing a big part in the bid. The truth of the matter is, this takeover could be not going anywhere anytime fast, and the longer that it draws on, the longer the future of Rafael Benitez becomes in doubt. The Spaniard’s current contract runs out at the end of June, with the former Liverpool boss waiting for assurances on the club’s future before signing a deal. Whether that gives the club only 10 more days to conclude their own future and his future remains unknown. The Bin Zayed Group have admitted they would like to keep Benitez at the club, but seem to be pretty busy trying to secure their own future in charge of the club, let alone their managers – expect this one to drag on much longer Newcastle fans.
