Newcastle United takeover: The 'key factor' behind £300m+ deal being struck revealed
Earlier tonight it emerged Newcastle United’s Saudi-led takeover is set to be announced imminently – with fresh reports emerging over what proved the ‘key factor’ behind the breakthrough.
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.
But the Guardian report: “However the Guardian understands that the resolution of the piracy issue has not been a key factor in putting the deal, which was first mooted in March 2020, back on the table. Rather it has been about the Saudi backed public investment fund providing assurances that the Saudi state would not be involved in running Newcastle.”
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.