Newcastle United takeover set to be announced
A long-awaited takeover of Newcastle United is set to be confirmed today.
The Premier League is understood to have approved a sale to Saudi Arabia’s sovereign wealth fund. The Public Investment Fund (PIF) will take an 80% stake in the club, with financier Amanda Staveley and investors David and Simon Reuben sharing the other 20%.
And it’s hoped that the £300million deal, which has been finally pushed through in the wake of the ending of Saudi Arabia’s ban on Qatari broadcaster beIN Sports, the Premier League’s rights-holder for the Middle East North Africa region, will be formally announced later today.
PIF walked away from the deal last year after the Premier League failed to make a timely decision on its approval due to concerns over the separation between the Saudi state and the fund.
United owner Mike Ashley has been pursuing arbitration to resurrect the deal, and a week-long hearing had been due to start on January 3.