Revealed! The uncomfortable truth about ex-Roma owner James Pallotta and his Newcastle United takeover links
James Pallotta is yet to contact Newcastle United dealmakers about a potential takeover bid despite numerous rumours circling about his possible intentions.
And the Gazette understands any approach by the US billionaire would, at this stage, not be welcomed by the Magpies, with owner Mike Ashley continuing to only have eyes for the Public Investment Fund of Saudi Arabia, PCP Capital Partners and Reuben Brothers deal.
In an interview with publication the Athletic, Pallotta name-checked United as a club he would look to invest in, should the chance arise.
He said: “I do think that if there’s a place that makes sense for me, it’s the Premier League.
“I think there are interesting teams in the Premier League that have great history and it would be nice to see them getting back to it. The Newcastles of the world. Great, great fanbase.”
This comes after numerous links to a potential bid for the club, dating back to August 2020, and some reports claiming the former AS Roma owner, who sold his stake in the Serie A club last year, had done some form of due diligence on the football club ahead of possible investment.
This news is said to have come as a surprise to the club, who have not received any formal or informal communication with Pallotta or anyone associated with the American money man.
Potential buyers are channelled through law firm Dentons, charged with the selling of the football club, and offers, however legitimate, unlikely, caveated or fanciful are then run over by Ashley’s right-hand man Justin Barnes, himself a legal professional. This is the stage ‘tyre-kickers’, as Ashley calls them, such as Bellagraph Nova Group fell short. It is understood Dentons are yet to hear from Pallotta & Co, and sources believe the links to be nothing more than, at this stage, a publicity stunt.
Ashley remains 100% committed to selling to PIF, PCP and the Reubens, with arbitration proceedings bubbling away in the background, as the Magpies fight for Premier League survival on the park.
United are understood to have fielded interest from more than 100 parties since news broke of the stalling of the Saudi deal. Many of those, however, are nothing more than speculative enquiries. Few, if any, even threaten to match the financial firepower of the PCP Consortium.