Newcastle United takeover set to be announced in 'next 24 hours' - report
Newcastle United’s Saudi-led takeover is set to be announced imminently – according to a report.
The news comes after the Gulf state sensationally ended its four-year ban on the Qatari broadcaster beIN Sports.
BeIN Sports, during last week’s Competition Appeal Tribunal (CAT) hearing, was accused of lobbying clubs against the Public Investment Fund of Saudi Arabia’s takeover bid.
However, with the piracy issue set to be resolved, it is believed BeIN, the Premier League’s rights-holder for the Middle East North Africa region, now has no objections.
As per The Times, the deal, also involving PCP Partners and the Reuben brothers, could be approved by the Premier League in the next 24 hours.
The main obstacle had appeared to be proving the separation between the Saudi state (KSA) and PIF, its sovereign wealth fund. Still, arbitration is scheduled to begin on January 3, 2022.
The EPL, however, has reportedly been provided with written assurances that the Saudi state will not interfere with the running of the club. Indeed, any breach of that undertaking could lead to directors being suspended.
PIF is set to hold an 80% stake with Amanda Staveley’s PCP Partners and Reuben brothers taking 10% each.
A £300million+ was first agreed in March 2020 but EPL refused to pass it through its owners’ and directors’ test.
With no official decision from the EPL, PIF pulled out of the deal in the July but always maintained their interest in coming back to the table, if a deal could be struck.
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