Newcastle owner Mike Ashley to bank £17m even if sale of the club to Saudi Arabian consortium fails

Mike Ashley stands to bank a sum in the region of £17million if the sale of Newcastle United does not go through.

The deposit paid by the Saudi Arabian consortium led by Amanda Staveley is non-refundable, meaning Newcastle owner Ashley gets richer even if the takeover is not ratified by the Premier League. It is the surest sign yet that Staveley is confident there will be no hold-ups.

It also explains why Staveley and her partners, the Public Investment Fund of Saudi Arabia and the Reuben brothers, have been so cautious about celebrating the deal, given the volatile nature of previous takeover attempts. 

It has been suggested the purchase is complete, pending Premier League approval, but the balance of the money — roughly £283m — will only be paid once the documents have been signed off.

If the consortium does not pay the balance or if the league have some objection to the deal, Ashley will be £17m richer. 

A deposit of five per cent was agreed when the sale price was set at £340m — but it was reduced to £300m as economic circumstances changed. The deposit remained the same, however, meaning Ashley will benefit at a higher rate if there are any last-minute hitches. But these are not expected in what will be a cash deal, without debt, much like the takeover of Manchester City.

Sources have told Sportsmail Ashley was hours away from confirming the sale last week only for the Saudis to insist on a delay.  

Those close to the deal say the Saudi business custom is to wait until full completion before making an announcement.

It is now likely that any public statements will only be made when the takeover is given the green light by the Premier League, and that looks set to be within the next three weeks at the latest.

Additional reporting: Craig Hope