Proposed Newcastle United takeover company 'struck off' as death knell chimes on Championship deal

A proposed Newcastle United takeover company set up in 2019 has been ‘struck off’, a Companies House filing confirms, on the day reports circle of the same directors failing to get a deal for Derby County completed.

Wednesday, 17th March 2021, 2:16 pm

The Bin Zayed Group held extensive talks with owner Mike Ashley in the summer of 2019 – and made various claims they were closing in on the purchase of the Magpies, for a fee in the region of £350m.

During this process, BZG set up a potential takeover vehicle company, which would likely have been used to facilitate the switchover of ownership from Sports Direct tycoon Ashley’s MASH Holdings empire to newly-formed, Dubai-owned Monochrome Acquisitions Limited.

Today, the following filing was posted on the Companies House website in relation to Monochrome, it reads: “Final Gazette dissolved via compulsory strike-off”. This update is dated for March 23, 2021. Documents relating to the dissolving of the company will be available on the website in the next 10 days, it continues.

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The Companies House update filed today in relation to the BZG takeover company 'Monochrome Acquisition Limited'.
The Companies House update filed today in relation to the BZG takeover company 'Monochrome Acquisition Limited'.

This development comes some five months after notice was first served in relation to a potential dissolving of the organisation. On November 17, 2020, a “First Gazette notice for compulsory strike-off” was filed with a notes attached stating “unless cause is shown to the contrary, the company will be struck off the register and dissolved not less than two months from the date shown.”

It continues: “Upon the company’s dissolution, all properties and rights vested in, or held in trust for, the company are deemed to be bona vacantia and will belong to the crown.”

Sheikh Midhat Kamil Kidwai and Khaled Zayed Saquer Zayed Alnahyan were the sole listed directors of Monochrome, which as of next week ceases to exist.

Coincidentally this filing comes on the day when reports circle of final deadlines for a proposed takeover of Derby County by BZG have not been met.

According to reports in the Telegraph, Rams chiefs are “furious” that finances for the agreed deal, announced late last year, are yet to be provided.

The report states: “With no resolution the deal is off with Derby now pursuing other options.”

Sheikh Khaled, Man City owner Sheikh Mansour’s cousin, can now add a third failed attempt to buy an English club to his list, after NUFC and a reported £2billion bid for Liverpool.

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