Newcastle United takeover '50-50' to go ahead


The proposed takeover of Newcastle United is ’50-50′ to go ahead, according to Forbes.

Supporters of the Magpies are waiting with bated breath after news broke two months ago about a prospective £300million deal to buy the club.

Amanda Staveley is the figurehead of the Saudi-backed consortium who are said to be leading the charge for the club, but so far there’s been no news of a confirmed deal.

Fans are growing increasingly annoyed at the lack of progress, with many suggesting that perhaps the deal to sell the club is going to be blocked.

However according to the financial experts, a decision is expected to be made this week.

The Forbes article reads: “It’s going to be a photo finish.

“The sale of Newcastle United by Michael Ashley to a group financed by Saudi Arabia’s Public Investment Fund and fronted by PCP Capital Partners for $375 million (£300 million) is 50-50 at the moment.

“‘If you’re asking me which way the vote will go with the the owners and directors of the Premier League it’s a flip of a coin,’ according to an executive at a top Premier League team I discussed the deal with this morning.

“The Premier League is set to rule on the sale of the English soccer team in part based on a report by The World Trade Organisation that ruled that Saudi Arabia is behind a pirate satellite TV and streaming service that offers illegal access to sporting events.

“Broadcaster beoutQ has been illegally showing matches—mainly in Saudi Arabia—despite the rights to show games in the region belonging to beIN Sports, who are currently in the middle of a three-year deal with the Premier League worth $500 million (£400 million).

“A decision by the Premier League is expected this week.”

GIVEMESPORT’S Phil Spencer says…

While patience is obviously key during such uncertain times, you can hardly blame the Newcastle United fans for growing restless.

For many, a potential announcement of a full takeover is exactly what they’ve been wishing for several years while enduring a turbulent reign under Mike Ashley.

The Sports Direct owner has been a hugely unpopular figure on Tyneside, and that’s why talk of interest from the Saudi-based consortium is such a hot topic of conversation.

But Newcastle fans must still be cautious.

If anyone knows what it’s like to see their club owned by an unpopular figure, it’s Newcastle United fans.

That’s why they must remain patient – after all, the last thing they want is to jump out of the frying pan and into the fire.

News Now - Sport News