“The fastest a takeover can go through is..” Newcastle takeover lawyer provides timeline when Chelsea’s takeover could be completed

“The fastest a takeover can go through is..” Newcastle takeover lawyer provides timeline when Chelsea’s takeover could be completed

According to a lawyer engaged in the recent sale of Newcastle United, Chelsea’s purchase talks have no possibility of being completed in 10 days.

Nick de Marco QC was involved in the Saudi-backed takeover of Newcastle United, which saw the Public Investment Fund (PIF) acquire an 80% share in the club last October.

The deal was led by Amanda Staveley of PCP Capital Partners and the Reuben brothers of RB Sports & Media, but it was halted while it awaited Premier League permission.

Concerns about the separation of Saudi Arabia and its PIF had long been raised, but were finally resolved after the league received “legally enforceable assurances.”

Chelsea are up for sale after Blues owner Roman Abramovich revealed his intention to sell after having his assets frozen after being sanctioned by the UK government following Russia’s invasion of Ukraine.

Prospective buyers are circling from the United States and the United Kingdom, with British billionaire Nick Candy, the Ricketts family of the Chicago Cubs, and London-based investment firm Centricus all apparently expressing interest.

Raine Group, an investment firm, is handling the club’s sale process, with any proceeds going to a charitable organization or a frozen account, but De Marco cautioned against expecting quick results.

On Monday, he told Sky Sports: “The fastest a takeover can go through is 10 days according to the Premier League?

“Well I can tell you I wish Mr [Richard] Masters [Premier League chief executive] had said that to us, and I suspect a lot of Newcastle fans feel the same – because that lasted for well over a year.

“Of course, there were complicated issues in that case. But the issues in this case [at Chelsea] are even more complicated.

“However, there’s probably a lot more goodwill in this case. Chelsea needs to be sold and it needs to be done quickly. It won’t be done in 10 days though.”

De Marco also feels that the Chelsea sale will break new ground, given that the UK government is expected to be involved in negotiations with Abramovich removed from the picture.

“It would seem completely wrong to me for Abramovich to have any say at all in what bid was accepted because that means he is having influence over his assets,” he continued.

“The sanctions stop that and as I said, the Premier League disqualification stops that, so I think it would probably have to be the government – which itself is a very unusual situation, an unprecedented scenario in English football.

“It means if the government is in control of who Chelsea is sold to, and for how much money, they themselves are operating as an owner of Chelsea under the Premier League’s test. It really raises questions that have not been raised before.”

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“The fastest a takeover can go through is..” Newcastle takeover lawyer provides timeline when Chelsea’s takeover could be completed