Kuwaiti magnate Nasser Al Kharafi linked to Magpies

Sep 18 2008 by Luke Edwards, The Journal

AS Mike Ashley continues his search for an Arab billionaire to buy Newcastle United, Kuwait businessman Nasser Al Kharafi is the latest name to be linked with a possible takeover.

With Ashley apparently determined to make a large profit on the sale of Newcastle United – despite his supposed determination to hand over control of the club following a fans’ revolt against him – United are not attracting much interest among the wealthy elite of the Middle East.

Sources in Dubai have indicated Ashley is asking a massive £480m to sell a club he paid just £130m for 16 months ago. Although Ashley also had to invest another £110m to stabilise a spiraling debt, he would still make a huge profit if he can find anyone to pay his alleged asking price.

In truth, however, that looks extremely unlikely despite a suggestion from an intermediary working on his behalf that Al Kharafi is interested in becoming Newcastle’s new owner.

The intermediary said: “Nasser Al Kharafi has the money to buy the club, but the way Mike Ashley is going about things is wrong. He is actually putting off any interested buyers with the price and his refusal to negotiate. If he genuinely wants to sell he is going about it the wrong way.

“At the last estimate Nasser was worth around US$12bn, but he still won’t pay over the odds for the club. Mr Ashley seems to think he can ask what he wants because he is dealing with people who are multi-billionaires, but that simply isn’t the case. As things stand he will be returning to England without a buyer.”

Those comments were followed by the now popular claim that a new regime would look to reappoint Kevin Keegan as manager, but given the number of false links over the last few days it remains to be seen whether anything concrete happens.

As the world’s 29th richest man, the 63-year-old Kharafi, who made his money in the construction industry and who also owns a number of American fast food franchises across the Arab world, certainly has the money needed to finance a takeover.

But there is a growing sense of desperation surrounding Ashley’s trip to Dubai and financial experts in the Middle East doubt whether the sports retailer will be able to attract a buyer quickly.

There has been a steady stream of reportedly interested parties since the row with Keegan led to his departure almost a fortnight ago, but they have all been followed by swift denials.

Dubai Investment Group were the latest to deny they were interested in buying Newcastle yesterday after Ashley had spent Tuesday night drinking in a Dubai bar with his United cohorts Dennis Wise and Derek Llambias.

A statement from DIG said: “Following incorrect media speculation about Newcastle Football Club, Dubai Investment Group can confirm that it is not involved in any negotiations to buy Newcastle Football Club, nor does it plan to do so in the future.”

This followed a similar denial from the chairman of Zeebel Investments, Mohammed Ali Al Hashimi, who also responded to reports linking his group with a bid by saying he was “not interested in any (English Premier League club) right now”.

Meanwhile, David O’Leary is attempting to put himself forward for the vacant manager’s position at St James’s Park through friends in the media.

It is highly unlikely the appointment of the Irishman, who has been out of work for the last two years since he lost his job at Aston Villa, would go down well with supporters.

O’Leary, though, has strong connections in London following his successful playing career with Arsenal and the United hierarchy are so ostracised from the club’s supporters they are not scared to make more controversial decisions.

Ashley knows the team can not be allowed to drift without firm leadership indefinitely as caretaker manager Chris Hughton is operating in extremely difficult circumstances as he prepares the team for the trip to West Ham at the weekend.

If a buyer cannot be found during his business trip to Dubai, Newcastle’s unpopular owner will have to turn his attention back to trying to find a suitable replacement for Keegan, despite the lack of obvious candidates.