Premier League: Newcastle takeover – Mike Ashley’s 14-year tenure as Newcastle United owner is on the verge of running its course, with Newcastle United’s takeover expected to be approved by the Premier League in the coming days. Saudi’s Public Investment Fund (PIF), led by Prince Mohamad bin Salman, will complete a £300m takeover, after ending its piracy dispute with beIN Sports. A deal was abandoned in 2020 after the Premier League had delayed it over piracy concerns.
Premier League: Saudi Prince Mohammad Bin Salman set for £300m takeover of Newcastle United after piracy dispute ends
Premier League: Newcastle takeover: As per Daily Mail, the Premier League is all set to give green light to Newcastle’s Saudi takeover after the gulf state settled all piracy issues in the country. As per the sources, Saudi have lifted a four-year ban on Premier League broadcaster beIn Sports along with all other forms of piracy in the country to pave way for the deal. Furthermore, it is reported that the League has now received assurances that the state will not be directly involved in the running of the club and the deal could see the light of the day, 18 months after initial talks with Mike Ashley.
Sources indicate NUFC takeover is expected to go through after settlement of piracy issues between Saudi/beIN. I’m told arbitration may not be needed now piracy is resolved. Alleged state piracy was the issue, hence the need to prove separation. Full story to follow @MailSport
— Craig Hope (@CraigHope_DM) October 6, 2021
Premier League: Newcastle takeover: The Premier League had delayed Newcastle’s Saudi takeover via their owners and directors test, given that they believed Saudi Arabia were behind the piracy of their product over several years. A source told Daily Mail that the English top-flight had tried to sue the Saudi state nine times previously on piracy-related issues, which is why the buyers of Newcastle had to prove their separation from the state. With piracy issues now gone, the £300m takeover is all set to go through, making Steve Bruce’s sides one of the richest clubs in England.
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Premier League: Saudi Prince Mohammad Bin Salman set for £300m takeover of Newcastle United after piracy dispute ends
PIF was set to take an 80 per cent stake with Amanda Staveley and British businessmen David and Simon Reuben halving the remaining 20 per cent as per the negotiations last year. It is believed that Staveley will front the takeover in the short term. Incidentally, Bin Salman had lobbied British Prime Minister Boris Johnson last year to influence the deal, Also warning that Anglo-Saudi relations could be damaged if the Newcastle takeover was not approved.
Premier League: Newcastle takeover: Newcastle are currently second bottom of the Premier League and without a win in seven matches under manager Steve Bruce. The Newcastle United Supporters Trust revealed this week that 94 per cent of its members want Steve Bruce to resign, although the takeover will now almost certainly bring about a change of manager. The prospective Newcastle owners meanwhile have always insisted that investment would be gradual and that their immediate focus will be on the infrastructural improvement of the club, as well as various other projects in the region.
