Newcastle United takeover update as PIF get their 'ducks in line' ahead of purchase

The takeover of Newcastle United by PIF, Reuben Brothers and PCP Capital Partners has edged a step closer as a high-ranking member of the Saudi operation was added to a company set up to facilitate the buy out.

Bander Bin Mogren, the chief operating officer of the Public Investment Fund of Saudi Arabia, has been added as a director to NCUK Investments Limited, alongside Magpies’ chairman-in-waiting Yasir Al-Rumayyan.

(L to R) Iliad Group founder and Vice President Xavier Niel, Saudi managing director of the Public Investment Fund Yasir Al-Rumayyan and French Junior Minister for the Digital Sector Mounir Mahjoubi visit the "Station F" start up campus in Paris, on April 9, 2018. / AFP PHOTO / BERTRAND GUAY (Photo credit should read BERTRAND GUAY/AFP via Getty Images) | Getty Images

placeholder image — (L to R) Iliad Group founder and Vice President Xavier Niel, Saudi managing director of the Public Investment Fund Yasir Al-Rumayyan and French Junior Minister for the Digital Sector Mounir Mahjoubi visit the "Station F" start up campus in Paris, on April 9, 2018. / AFP PHOTO / BERTRAND GUAY (Photo credit should read BERTRAND GUAY/AFP via Getty Images) | Getty Images

This act is a clear continuation of the 'getting the ducks in a row' approach prior to the £300million takeover of by the Public Investment Fund, Reuben Brothers (RB Sports & Media Ltd) and Amanda Staveley's PCP Capital Partners (Cantervale Ltd, Cantervale Holdings Ltd, PZ Newco Ltd).

Mogren has worked at the Public Investment Fund of Saudi Arabia for four years, having previously been on the board of Bahrain's Gulf International Bank.

The deal remains in the hands of the Premier League, who are conducting their owners and directors test, more colloquially known as the ‘fit and proper persons test’.

It is thought the above named companies will be used to facilitate the takeover and transfer of funds and shares when the deal gets the green light, with confirmation on that front expected by the end of next week, as a conservative estimate.

PIF are set to purchase 80% of the club from Mike Ashley, with the Reubens and Staveley’s PCP buying out 10% each.

Staveley and husband Merhdad Ghodoussi, as well as Rumayyan and Jamie Reuben are set to be named on the Newcastle board.