Everything we know about the Newcastle United takeover as key details on Saudi Arabian bid surface

Newcastle United remain tight-lipped on a potential takeover, hardened to rumour and conjecture (as well as remaining mostly in the dark) after two years of near constant talk, while the Premier League are not even in play yet with no official bid on bid on the table. The word from within Mike Ashley's camp is 'show me the money'.

The key players explained

Saudi Arabian cash IS in play – but whether this is money that emanates directly from the Public Investment Fund (PIF), is purely being channeled through the sovereign wealth pot or is required to finance others’ interests, remains to be 100% confirmed.

Yasir Al-Rumayyan, regarded as Crown Prince Mohammed bin Salman’s right-hand man, is thought likely to be installed as chairman of the football club, should a sovereign wealth deal be brokered. At present he is the governor of PIF, sits on the board of Uber Technologies and SoftBank Group as well as occupying the post of chairman of Saudi Aramco, the most profitable business on the planet, according to Bloomberg.

It has been confirmed to the Gazette that Reuben Brothers are part of a 'live' takeover bid for Newcastle United. This is likely to see property magnates David and Simon Reuben - owner of swathes of land in the city centre, including the Old Bank of England building on Pilgrim Street and the current Stack site - take a back seat in everything but finance. David Reuben's son Jamie Reuben, currently a director at Championship Queens Park Rangers, will play a significant role in shaping the post-takeover landscape at St James's Park, it has been confirmed to the Gazette.

The deal’s TWO divisive figures

Talk from well-placed sources in the Middle East, though, claim this deal, in its reported current form, could well hinge on two rather divisive figures.

Key to Al-Rumayyan and Prince Mohammed's rumoured PIF consortium is former socialite pal of Kim Kardashian West, an Instagram friend of Jamie Reuben and rumoured business associate of Amanda Staveley, Carla DiBello.

According to the Wall Street Journal, the 35-year-old Florida-native is a controversial figure among Saudi Arabian political circles.

They claim DiBello “has a close relationship with Al-Rumayyan” which has “raised concerns among some PIF officials”. In response a PIF spokesman told WSJ that ‘DiBello isn’t an adviser to PIF and isn’t paid by PIF, and that the fund’s deals are vetted by an investment committee’.

The Gazette understands negotiations for the Saudi deal began back in May 2019, before the end of Rafa Benitez's time at the club. This is further underlined by the WSJ report, which states the Saudi proposal to put together a bid was pitched early last year.

Referencing the United proposals, the report raises doubts about the qualifications of DiBello to broker such a deal for the state. It reads: “Sometimes, Mr. Rumayyan’s office has told investment teams in PIF to meet with people whose involvement in the talks they didn’t understand, some current and former PIF officials said.

"That was the case with Ms. DiBello in early 2019, when managers couldn’t figure out why they had been scheduled to meet with her when she came to PIF offices to pitch the Newcastle United deal, say people involved in the talks."

WSJ claim DiBello, owner of CDB Advisory, has "become a high-profile figure in Saudi Arabia's investment scene" due to her PIF connections and is "helping" negotiations for the '£344million' deal to prise Newcastle United from Sports Direct tycoon Ashley's control. The deal will see the Saudis, in whatever guise, take a controlling stake in the football club.

Despite lacking business experience, DiBello is said to have presented as a "confident and engaging figure" in what can be an intimidating environment as she met with key power brokers at PIF, in a business world, and country, which remains dominated by powerful men, despite recent reforms, and it is rare to see a female figure rise to prominence.

The WSJ claim: "Early last year, when she came to PIF offices pitching the Newcastle United deal, two of the people involved in the talks say that they had no idea how she got access. They said a superior told them Mr. Rumayyan’s office wanted them to meet her."

DiBello's links to Staveley are then detailed in the report.

It reads: "DiBello proved adept at making contacts in the Gulf business world. She built a name and a public profile for herself, getting to know another successful Western businesswoman working in the region, Ms. Staveley."

They report DiBello presented to the PIF board that Ashley wanted to sell his 100% stake in the Premier League club and that herself, along with Staveley, wanted to "cut a deal for Saudi Arabia to put up the money." It is also claimed the two women would also play a role in managing the business for a fee.

While Staveley, and Reuben Brothers via Jamie Reuben, could well be rewarded with a shared 20% cut in the football club, DiBello's reward is yet to be detailed.

And this is where another bone of contention has arisen, according to well-placed sources...

Staveley – the deal maker or breaker?

The Gazette understands that should a deal be given the green light by Ashley, following a successful bid, Staveley's involvement could prove make or break.

Animosity remains between Staveley and Ashley's camps, following a bloody PR battle played out between Keith Bishop's firm and David Bick, the Ripon-born financier's advisor, in the national newspapers in 2018.

And the Newcastle owner is NOT keen to deal with Staveley, even doubting the credibility of the Saudi bid due to the fixer's involvement. Former United chairman Chris Mort is involved in negotiations in the UK.

Further to this, suggestions from the Middle East are that the value of Staveley's involvement and cash put down does not represent a 10% stake in the business.

In 2018, Staveley's PCP Capital Partners failed with three separate bids for the football club, failing to meet Ashley's asking price.

Bids of around £250million, rising to around £300million, with a serious of relegation and HMRC investigation clauses were not accepted by Ashley, in fact he even refuted they were genuine. Initial negotiations this time are said to have gone smoother with a broad agreement on the HMRC issue, which could cost the club tens of millions should they be in breach of laws and regulations.

Back in January, 2018, Staveley told the Times: "I’m very much still interested in buying Newcastle. And our bid remains on the table. The suggestion that we were either wasting time or not serious is absurd. It’s hugely hurtful.

"This is something we’ve been working really hard on. It’s not something we’ve just thrown together. I’m putting a lot of my own capital into this and our investors, who come from around the world, include sovereign wealth funds."

Last month, financier Staveley set up PZ Newco Ltd, which would likely be used as a shell company in the facilitation of an NUFC takeover. The initials are understood to stand for Project Zebra.