Peter Kenyon reveals transfer plan for Newcastle United after launching £300m takeover

Former Chelsea and Manchester United chief executive Kenyon and Florida-based GACP Sports have launched a £300million takeover bid for the club.

It’s claimed that Kenyon’s consortium are prepared to make a down-payment of £125million. The balance of £175million would then be paid over a three-year period. It’s reported that the group has an additional £50million to cover “operational costs”.

Details of the bid emerged last night, and fans hoping for a generous benefactor are likely to be disappointed. The Daily Mail has seen the consortium’s brochure, which was put together to show to potential investors in the USA, and it states that “all transfer payments are financed through internally generated cash without additional investment from ownership”.

Kenyon’s spending forecast is £75million in 2019/20, £35million in 2020/21 – and £40million in each of the next three seasons.