Newcastle takeover???

Ryan-3 said:
I returned from the shop to find my dad watching sky sports news instead of sunbathing. I thought it must have been the time for the announcement :p

And yes. I was fetching cans.
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:pI’m hoping Wednesday or Thursday we get notified, I don’t think any official announcement will come before project restart is announced as that’s more important.
 
BaZ87 said:
Re City, they agreed the outline terms of the purchase at the start of September, they then carried out their due diligence over the next 3 weeks but the deal was approved and concluded within 2 days of that. It's possible that the PL began their checks while Abu Dhabi were still finalising their deal with Shinawatra but from the point of reaching a final agreement and approval was just 2 days.
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Man City was 4 weeks just for the test if I'm not mistaken.
I believe more than 1 buyer can enter the due diligence phase and gain access to the clubs books.

There's also the exclusive stage when an offer has been agreed.

Then it's the test.

Problem this time round was someone spotted the charter house documents and it's became very public.

Also the fact a lot of people and clubs don't want this to happen.
 
Ryan-3 said:
I returned from the shop to find my dad watching sky sports news instead of sunbathing. I thought it must have been the time for the announcement :p

And yes. I was fetching cans.
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I don;t really drink but I do have 2 cans in the fridge for when it happens :D
 
woppy101 said:
I have always though due diligence was carried out prior to agreeing a deal so you know what your getting(AS and PIF went through due diligence in December/January), so I’m taking the wording of due diligence on the wiki site was referring to the O&D test which was 20 days
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It's essentially the same as buying and selling a house. Once an offer is accepted the buyers solicitor will carry out all the required searches and only after then, assuming everything is satisfactory do you formally agree to the sale and exchange contracts. In City's case, the accepted the offer on the 1st September, Abu Dhabi carried out their due diligence which was completed on the 21st and then the sale went through on the 23rd. As I said, it is possible that the PL began their checks prior to the 21st however that's still at most half the time it's taken for this deal to go through.
 
BaZ87 said:
It's essentially the same as buying and selling a house. Once an offer is accepted the buyers solicitor will carry out all the required searches and only after then, assuming everything is satisfactory do you formally agree to the sale and exchange contracts. In City's case, the accepted the offer on the 1st September, Abu Dhabi carried out their due diligence which was completed on the 21st and then the sale went through on the 23rd. As I said, it is possible that the PL began their checks prior to the 21st however that's still at most half the time it's taken for this deal to go through.
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I really think it’s due to the global pandemic thats why it’s so slow, and the piracy issue, but we will never know though because these things tend not to be released to the public.
To be honest, with football clubs I understood it to be the other way round, you checked the books and assets(due diligence) and then made an offer on your perceived value of the club, just from reports on previous attempts( papers have said numerous party’s were undergoing due diligence but no offers were made).
Your right that’s city’s checks may have begun prior to that date, also people scourging companies house constantly didn’t really happen back then(don’t even think it was online in 2008), and that’s where the original story came from for NUFC takeover.
 
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BaZ87 said:
It's essentially the same as buying and selling a house. Once an offer is accepted the buyers solicitor will carry out all the required searches and only after then, assuming everything is satisfactory do you formally agree to the sale and exchange contracts. In City's case, the accepted the offer on the 1st September, Abu Dhabi carried out their due diligence which was completed on the 21st and then the sale went through on the 23rd. As I said, it is possible that the PL began their checks prior to the 21st however that's still at most half the time it's taken for this deal to go through.
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Can I just add that the premier league will make a decision on project Restart first as the won’t want to be seen to be giving priority to a takeover over the whole of the league, so I don’t expect to hear anything until after the confirmation of the restart of the league( now I have just said that it will probably come out tomorrow)
 
You don't have to have a bid accepted to start due diligence.

Peter Kenyon cost Mike over 1million in fees and a bid was never tabled.

You don't bid on a club when you have no clue how much it is worth.
 
Mike Ashle famously didn't do any due diligence at all before buying Newcastle. And the Dubai takeover of Liverpool at the end of 2006 ended up breaking down because of the time it was taking Dubai to carry out their due diligence, after the sale price was agreed.

edit: I agree that you don't have to have a bid accepted before carrying out due diligence, although that is the standard process and was the process in City's takeover.
 
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Well Mike Ashley is a prat what do you expect :p

Check out the book done deal.

5 main steps
due diligence and the Non Disclosure Agreement
The heads of terms
Sales of purchase agreement
Premier League notification.

Didn't Amanda broker City takeover? Think she got millions out of it.

Every report I seen have said test can take up to 4weeks and that's without the baggage this takeover has.

Also the reports that the premiership had to bring in an army of outside lawyers to go over this deal to investigate and cover themselves.
 
She was involved, yes. She was also involved in Dubai's 2nd attempt at buying Liverpool in 2008(?) and reportedly the state backed Chinese bid for Liverpool in 2016.

I've not known of another deal taking nearly this long. The City deal was completed on the 23rd September after terms were agreed on the 1st and due diligence completed on the 21st. The two Liverpool takeovers were completed in days*

*The FSG one was held up due to court battles but the actual deal being finalised and approved was within a day or two.
 
Yeah I believe under normal circumstances it's under 2 weeks but up to 4.

Throw in the covid19 and all the letters Mr Masters has to reply to it's understandable it's taking this long.
 
BaZ87 said:
She was involved, yes. She was also involved in Dubai's 2nd attempt at buying Liverpool in 2008(?) and reportedly the state backed Chinese bid for Liverpool in 2016.

I've not known of another deal taking nearly this long. The City deal was completed on the 23rd September after terms were agreed on the 1st and due diligence completed on the 21st. The two Liverpool takeovers were completed in days*

*The FSG one was held up due to court battles but the actual deal being finalised and approved was within a day or two.
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As you have said though with all of these deals know body knows when the O&D test actually started, everyone is guessing because it’s something the Premier League doesn’t comment on, all that’s said is it takes between 2-4 weeks, that doesn’t take into account the global pandemic so you could add another 4 weeks on that easily.
On a side note Manu a french reporter on Twitter who broke the story the day before it appeared on the company’s house has said it should be done in the next 24-48 hours so hopefully we will get a conclusion soon
 
It definitely didn't take 2-4 weeks for either Liverpool takeover. The Hicks & Gillet takeover was concluded within days*. Mike Ashley admits in his own words that he only found out that Newcastle was for sale 4 days before he owned the club. From whatever measure, this deal is taking a long time to complete. Of course the situation with the restart will delay things but, imo, there have clearly been complications along the way. I think the news regarding Sheffield Utd last week is probably a sign that their ownership complicating matters and of course there's various other issues.
 
BaZ87 said:
It definitely didn't take 2-4 weeks for either Liverpool takeover. The Hicks & Gillet takeover was concluded within days*. Mike Ashley admits in his own words that he only found out that Newcastle was for sale 4 days before he owned the club. From whatever measure, this deal is taking a long time to complete. Of course the situation with the restart will delay things but, imo, there have clearly been complications along the way. I think the news regarding Sheffield Utd last week is probably a sign that their ownership complicating matters and of course there's various other issues.
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Wasn’t all of those takeovers done before the O&D tests were changed and made more in depth? Didn’t Sheffield United come out and say that it was just housekeeping and those changes were actually made in November?
 
They were only changed a couple of years ago, yes however the change that was made was to cover possible legal issues that didn't result in a conviction. And yea, the Sheffield Utd thing was very confusing. There's no way it should have taken them as long to update companies house and the situation with their owner and whether MBS has any control over him was a potential issue.

Anyway, who knows.
 
BaZ87 said:
They were only changed a couple of years ago, yes however the change that was made was to cover possible legal issues that didn't result in a conviction. And yea, the Sheffield Utd thing was very confusing. There's no way it should have taken them as long to update companies house and the situation with their owner and whether MBS has any control over him was a potential issue.

Anyway, who knows.
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For all we know that was the major sticking point, which needed clarification on company’s house. But as you say we will never know because the PL don’t release details, I just bloody can’t wait to open my brown ale and red wine, on the other hand I feel like brewsters millions, I’m sick of the sight of it.
 
That Dr talal al maghrabi guy said announcement next week a few days ago and I'm sure their week is slightly different than ours. So probably start of June?

Last leaked info was final checks complete and just needed signed off and payment transferred which could take a week and it's down the the New buyers to announce.

I believe the info came from the buyers side in Saudi hence all the new coverage it's getting over there now.
 
woppy101 said:
To me this is one of the biggest signs yet that the deal is possibly done, It’s like he has heard from sources and he’s raging and having a meltdown.
Also a pretty bold accusation to say the government have blackmailed the Premier League into greenlighting the takeover, which Gray distanced himself from straight away.
https://twitter.com/beINSPORTS_EN/status/1264967097563721729?ref_src=twsrc^tfw|twcamp^tweetembed|twterm^1264967097563721729&ref_url=https://www.newcastle-online.org/forum/index.php?topic=104153.14275
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Hah thanks!! Ole hairy hands seems to be having a breakdown of epic proportions. You reap what you sow and he's in for a world of abuse when this finally goes through.

Also what do you think of the Poch links?
 
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