NEWCASTLE’S stunning £300million takeover is on the brink of being completed after a deposit was paid but it could still take a month to go through.
Controversial owner Mike Ashley will finally flog the club to a Saudi Arabian Public Investment Fund, along with Amanda Staveley of PCP Capital Partners and the Reuben brothers.
Mike Ashley is on the brink of selling the clubCredit: PA:Press Association
According to the Daily Mail, some cash has already been transferred while the rest will be paid once the Premier League approves the ownership.
The final hurdle should take between three to four weeks before an official announcement is made.
When the deal is completed, 80 per cent of the club will be in the hands of the Saudis which is being funded by the Saudi royal family including Crown Prince Mohammed bin Salman.
Staveley will receive a 10 per cent stake while property tycoons David and Simon Reuben will own the other 10 per cent.
Little known Yasir Al-Rumayyan will then become the new chairman of Newcastle.
He is the governor of PIF, with the company having offices in London, New York and San Francisco.
All paperwork has been completed that includes details on how they will target Champions League football in three-years with huge investment.
But there could be some hold-ups to the fit and proper testing – because of pirate TV.
According to the Times, there has been an ongoing row involving the Premier League following the alleged Saudi involvement in pirate broadcaster BeoutQ.
Yasir Al-Rumayyan will become the new owner of NewcastleCredit: Getty – Contributor
The channel allegedly rips content from Qatari-based channel BeIn Sports and sells to customers at a discounted price.
Last July, the Premier League joined forces with Fifa and Uefa to take action against BeoutQ and called the Saudi government to take “swift and decisive action.”
It is believed current boss Steve Bruce will be given the end of the campaign to prove he is the right man to guide the Toon to Europe.
Trevor Sinclair is excited about the Newcastle Utd take over from Saudi consortium involving Mohammed bin Salman
Source: Soccer - thesun.co.uk
