The Football Terrace understands that a takeover of Newcaslte Football Club by a Saudi Arabian-financed consortium is on the brink of being officially announced. News of a potential breakthrough in a saga that has been dragging on since April 2020 arrived when it transpaired that Saudi Arabia would lift its ban on broadcaster beIN SPORTS.
Following negotiations that had been going on for weeks, Premier League lawyers are understood to have been working frantically to complete and push through the takeover in the hope of making an official announcement on the 7th October 2021. Current owner Mike Ashley is set to earn around £305 million from the sale and bring an end to 14 years of control at the club.
The deal would entail Saudi Arabia’s Public Investment Fund taking an 80 per cent controlling stake, with the London-based Reuben brothers paying for a 10 per cent stake, and the broker, Amanda Staveley, receiving 10 per cent for her role in setting up the deal.
But with piracy issues having now been resolved and the Premier League satisfied they will not be signing off on Saudi state ownership, Newcastle fans are set to welcome a new era that will make them among the richest clubs in the world.
‘If all of this had been done 18 months ago, the takeover would have been signed off already,’ a source told Sportsmail. ‘The Premier League could not approve a takeover whereby one of its member clubs would be owned by a state it believed to be guilty of piracy against the League and one of its broadcast partners. The League has tried to sue the Saudi state nine times in relation to piracy.
Newcastle United’s soon to be new owners are seeking to appoint a sporting director, with Jason Wilcox, the Manchester City academy director, among those considered a suitable candidate for the newly-created role.