Mystery surrounds takeover appoach
A formal bid would usually be made via solicitors to all shareholders with proof of funds but we understand the approach was not received in this manner.
Proof of funds (POF) refers to documents that demonstrate a person or entity has the ability and funds available for a specific transaction.
It comes in the form of a bank, security, or custody statement. Its purpose is to ensure that the funds needed to execute the transaction fully are accessible and legitimate.
Club insiders say they receive unsolicited approaches for the club all the time about but proof of funds are almost never supplied leaving them to dismiss them as non-serious offers.
Meanwhile, the decision of the bidders to remain anonymous raises the “Why” question? When Newcastle was a target it was clear almost from Day One that Amanda Staveley was the prime mover.
Yesterday David Sullivan told Jim White the club was not for sale and today Claret and Hugh understands this is being treated as another non-serious offer with 1% chance of becoming anything more.
It may be that the potential bidders are leaking information to the media about their approach in early August to test the water and possibly build up pressure on the shareholders from a disgruntled fan base.
Time will tell if they make themselves known.