Newcastle United owner Mike Ashley has appointed investment bank Seymour Pierce to handle the sale of the St James' Park club.The London-based bank has been drafted in as the billionaire attempts to offload the business following demonstrations by fans in the wake of manager Kevin Keegan's departure earlier this month.
A club statement said: "The board of Newcastle United can today confirm it has appointed the London-based investment bank Seymour Pierce to act on the potential sale of the club.
"All matters relating to the sale of the club, including inquiries from interested parties, should go through Seymour Pierce.
"The club will be making no further comment at this time."
Ashley confirmed he was putting the club up for sale after fans staged mass protests against him and the recruitment team he appointed before and after the 2-1 Premier League defeat by promoted Hull.
He, managing director Derek Llambias, executive director (football) Dennis Wise and vice-president (player recruitment) Tony Jimenez last week flew to Dubai in an effort to push through a quick disposal.
However, amid a flurry of statements from supposedly interested parties insisting they were not in the market for the club, and allegations of snubbed meetings, they returned without a deal having been struck.
As well as being linked with potential purchasers in Dubai and Abu Dhabi, there has been talk of investment from China, Qatar and more recently, Nigeria.
Indeed, reports from Africa have suggested a bid of £350million - some £130million less than the asking price allegedly quoted last week - has already been tabled.
Ashley bought Newcastle around 16 months ago for £134.4million, and has since invested a further £110million to service the debts he inherited and fund transfers.
However, the departure of manager Keegan earlier this month after a furious bust-up over the club's transfer policy has left St James' Park in turmoil on and off the pitch.
The Magpies slipped into the relegation zone after Saturday's 3-1 defeat at West Ham, and with injuries and suspensions severely limiting caretaker boss Chris Hughton's options, things are unlikely to get any easier as Tottenham in the Carling Cup and Blackburn in the league head for St James' this week.
With uncertainty off the pitch making the recruitment of Keegan's replacement all the more difficult, concern is mounting on Tyneside that the situation on the field could worsen if the sale becomes a protracted affair.
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Comment 1 - 4 of 4
Most of the players want out of it too, this club is a mess hope they do a leeds utd and lose mike a load of cash too, they deserve everything they get.All there fans have accepted a bloke that wants to profit from there club. Never liked Keegan but did feel sorry for him getting the chop, a manager is just that and should have the final say on everything. But it was always gona happen, Man City it will come to you, even the mighty mufc, with the money making glazers who have put em even more in debt, but THE MIGHTY ARSENAL well what can be siad, a club for the future.
All the inclub problems are out of the fans control. They can do nothing about it.
But the players can do something on the pitch!
They are getting paid ridiculous sums of money to play football, something they should start doing. They should to fight to keep the club out of relegation, but on the last few outings they look as if they just don`t care. Chris Houghton - no disrespect to him - does not have a clue and is not managerial stuff.
I can`t see anyone wanting to buy NUFC and no manager in his right mind is going to sign a contract that is, in reality, worthless.
The player`s themselves are the ones who can sort it out on the pitch and only them.
Its sick that a man can buy a club,leave it in ruin,and expect to walk away with a rediculous profit,the audacity of the guy is incredible
49.1% profit Ashley has not heard about the credit crunch then
244.4 million invested 16 months ago
for sale now @ 480 million
Seems to me he has no intention of selling and the dopey Geordie's who think their protests have won the day best think about what they first said a stadium boycott paid for season ticket or not. And they had better start organising a boycott of Ashley's pile em high sell em cheap businesses if they really want to force his hand
At this moment in time it seems they have a chairman they could not care less a management team that also have not got a clue and poor old Chris Houghton trying to shield the players from the mess, and according to press reports 9 out of work managers have turned down the position of manager which with the transient nature of the tenure of the major shareholder you cant blame them.
Much more of this current situation and the relegation places will be filled by Newcastle and 2 others.
All thanks to a Fool who cant see through Dennis (not so) Wise but I am not a great fan of Keegan either
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