Henry Mauriss must pay 5% deposit to join Newcastle takeover race

St James' Park

Henry Mauriss has been told he must do one thing in order to officially join the race for Newcastle United.

That's according to Chronicle Live journalist Lee Ryder who revealed this week that there was a reason behind the American's £350m bid.

Initially, it appeared strange that Mauriss had bid £50m more than PIF had, but that's because of deposits, leading the Chronicle to believe that the Saudi bid could in fact be around the £340m mark instead.

Though, speaking about the next steps for the entrepreneur in taking over the Magpies, Ryder stated

"Henry Mauriss is believed to have been told he must submit a 5% deposit if he is to be considered a serious bidder to buy Newcastle United."

This is another fresh twist in the tale of this long saga, as PIF receive another boost in their efforts to take over from Mike Ashley.

GIVEMESPORT'S Matt Dawson...

It's fascinating to find out why Mauriss has in fact bid £350m for Newcastle but it seems there is still a considerable way to go before his interest becomes official.

At the moment, PIF are still very much in the driving seat but that could all change if they fail the Premier League's owners and directors test.

The government have left it up to the top dogs in the top-flight to work out whether a deal can be agreed but so far, it's not looking too positive.

Lawyers and BeIN have both condemned the potential takeover but it remains to be seen what the league's stance on the matter is.

For now, it's just speculation, especially after the WTO report failed to provide any information on the Saudi attempt to buy the club.

After two long months, supporters will be hoping they find an answer very soon.

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