Two US businessmen were forced to cancel plans to bid for English Premier League club Newcastle United, after being exposed to losses in disgraced hedge fund manager Bernard Madoff’s pyramid scheme.
Keith Harris, the broker who is handling the sale of Newcastle United, told The Guardian newspaper he had expected the bid last month from the prospective buyers, who had indicated to him their interest in investing in the club.
The loss, of around $300 million, suffered by the two businessmen equates to about the asking price that current Newcastle United owner Mike Ashley has put on the club. Harris told The Guardian that the club comes free from debt at this price. “Mike Ashley put his hand in his own pocket and paid off all the debt,” he said.
