GACP Sports Capital chairman Joseph DaGrosa has revealed he "dodged a bullet" when not buying Newcastle United from Mike Ashley.
The chairman and CEO of Great American Capital Partners, who sold a stake in Ligue 1 side Bordeaux, held discussions with Justin Barnes but left the room empty-handed.
Now DaGrosa has re-emerged to give his side of the story, with Amanda Staveley's Middle East consortium confident of completing a purchase of the Magpies.
Speaking to NBC Sports, DaGrosa said: “It’s unfortunate in one respect that the deal (for Newcastle) didn’t go forward.
"With a guy like Mike Ashley, you might get punched in the face – but you’ll never get knifed in the back.
"At the time, it was disappointing the deal didn’t go forward.
"It was on our side that a major backer pulled out at the last minute, but hindsight is 20-20.
"Better to be lucky than smart, because we probably dodged a short-term bullet."
DaGrosa is now eyeing deals to buy other clubs and added: "Club valuations are already coming down.
"In many cases, clubs are going to be effectively taken over by their lenders.
"There’s going to be some great opportunities in the next 12 months, and great opportunities to get world-class players at a fraction of the cost."
Many observers in the football industry believe Ashley is getting a great deal if he picks up £300million for Newcastle in the virus pandemic.
