SportsReport: News on Mike Ashley's Frasers Group emerges amid Newcastle takeover
Newcastle United owner Mike Ashley’s Frasers Group are reportedly set to go rent-free amid the proposed takeover in the North East, according to Estates Gazette (via The Chronicle).
As per the outlet, the group are going to withhold their payments on rent until trading levels go back to the norm following the global pandemic outbreak that has impacted the country financially.
Frasers Group includes the likes of Sports Direct, House of Fraser, Flannels, Game, USC, Evans Cycles, Agent Provocateur and Jack Wills in a retail empire created by Ashley.
The chief executive has agreed the £300m sale of the Magpies to Amanda Staveley’s Saudi Arabian-led group, although this bid has still not yet been approved by the Premier League, meaning that Ashley may have more financial troubles with which to contend in the upcoming weeks.
The hold-up has been due to a number of factors, including the fact that the Premier League are yet to disclose the results of the Owners’ and Directors’ Test (ODT) that they have set out, which determines as to whether the parties involves in the buying side qualify as fit and proper owners.
As well as Staveley, this consortium also consists of the Kingdom of Saudi Arabian (KSA) crown prince Mohammed bin Salman (MbS) and his country’s Public Investment Fund (PIF), along with the billionaire Reuben brothers, who are originally from India but are based in London.
In addition to Ashley, they will surely be hoping that a final decision on the prospective takeover is made soon so that they all know where they stand.
Geordies, will a decision on the takeover be made soon? Comment below with your views!
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