Chronicle journalist Mark Douglas has delivered a detailed update on where the Bin Zayed Group’s proposed takeover of Newcastle United stands.
The Dubai-based consortium have been heavily linked with a move to buy the Magpies, but progress on a deal appears to have slowed in recent days.
In a piece for the Chronicle, however, Douglas mapped out exactly where the Toon Army currently stands.
He said: “Bin Zayed have a Head of Terms agreement with Newcastle but the more detailed Sales Purchase Agreement, which would be signed just before shares are transferred, eludes them.
“Issues that would need sorting would be things like the HMRC liabilities, any possible relegation clauses (Ashley has previously been resistent to these) and the exact terms by which payment is received.
“One thing that can be cleared up is that the price United have agreed with the Bin Zayed Group according to the Head of Terms is inclusive of the club’s debt to Ashley.
“There remains mixed messages about whether the group have shown proof of funds but there’s been much less noise from Dubai in terms of off-the-record briefings this week.”
OPINION
A lot of this is just fine detail and relatively boring stuff, but the fact is that it looks promising from a Newcastle perspective. At the very least, it shows that negotiations are serious and happening. Does that mean that a deal is guaranteed to be tied up? Of course not, but it does show that there are efforts being made to ensure that progress is made. The fact that a Head of Terms agreement is in place is a good sign, and it would appear that attempts to move the deal onto the next stage are genuine enough. Any proper agreement is still likely to be a long way, but if the takeover does fall through, it will not be for a lack of trying. From a supporter’s perspective, there is still the very real worry that all of this could collapse around them, but Douglas’ update should give them some reason to be hopeful.