Kickoff (Cape Town)
3 October 2008
The man heading a South African consortium is in Tyneside in a bid to push through their takeover of Newcastle United.
Jonathan Cleland arrived in Newcastle from his Scottish base on Tuesday night and is set to meet Mike Ashley's representatives and visit the club's facilities.
They have now officially lodged their bid, thought to be around £300m, with Seymour Pierce, the company Ashley has brought in to handle the sale.
And if successful, the five-strong consortium plans to bring Kevin Keegan back as manager, as well as offering him a five percent stake in the club, worth more than £10m.
They also want to install Brazilian soccer expert Simon Clifford as technical director and he could also be given a share of the Magpies.
Eight different groups have each been issued with a prospectus outlining the club's financial position and have signed non-disclosure agreements preventing them from releasing details.
But, according to a report in Newcastle's Evening Chronicle the newspaper understands it values the club's playing squad at £100m and shows Ashley paid an initial £134m to buy United from the Shepherd and Hall families, before investing £110m in wiping out debt.
It also reveals the Toon earns annual revenue of £90m, making a profit of £3.5m. There is currently a £50m overdraft facility and apart from that, the club is essentially debt-free.
More cash is owed to the Magpies for transfer deals than is still to be paid out and the extent to which the overdraft facility is used depends on weekly gate receipts.
Out of the seven potential buyers, the South Africans are viewed as the front-runners after Cleland's arrival on Tyneside.
The South African-raised Scot has built a career around developing major brands and fronts the consortium that is also understood to include Brian Gilbertson, Brian Joffe, Johan Rupert and Vivian Imerman, despite the latter two previously denying any involvement.
Rupert, 58, fronts Swiss luxury goods firm Richemont, which owns brands such as Cartier and Dunhill. He has previously invested in Saracens rugby club, was linked with a buy-out of Blackburn Rovers and is said to be worth £3.8bn.
Imerman (53), was an owner of Del Monte before buying into Scottish whisky firm Whyte and Mackay, which he sold for £595m last year. He runs investment firm Vasari Global Ltd in London with fellow South African Gerald Katzeff.
Brian Joffe (61), founded investment holding firm Bidvest and is chief executive of South African football team Bidvest Wit. The father-of-two has a reputation for buying failing companies and turning their fortunes around, which tallies with the way the consortium interested in United are said to have amassed their wealth.
Clifford, who runs the International Confederation of Futebol de Salao and is manager of Garforth Town, is understood to be central to the South African's plans and has played a key role in developing the bid over the last seven days.
The Middlesbrough-born former teacher brought Brazilian methods of coaching to the UK and stars such as Manchester City and England defender Micah Richards have gone through his Brazilian Soccer Schools, which have more than two million members.
Keegan was approached by the consortium as early as last Friday and the businessmen are also keen to find a role for Alan Shearer.
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