Newcastle United takeover set to be announced

A long-awaited takeover of Newcastle United is set to be confirmed today.

Thursday, 7th October 2021, 10:06 am

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.

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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.

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