Newcastle United transfer news: Bin Zayed Group takeover reportedly in doubt as cash flow questioned
The Bin Zayed Group reportedly do not have the money to complete a takeover of Newcastle United.
According to Sky Sports reporter Keith Downie, the interest from the Dubai-based outlet, fronted by Emirati royal Sheikh Khaled, IS real and there have been talks between United and the Middle Eastern prospective buyers.
But sources suggest BZG do not have the funds available to complete a deal, reportedly worth £350million.
On skysports.com, Downie states: “There are takeover talks still going on in the background and the club remains up for sale. Until Ashley comes out and says otherwise, that will remain the case - as it has been for the best part of two years now.
“What I will say, though, is that I have serious reservations about the proposed Bin Zayed group takeover. It's my understanding that, despite their claims, they have still not submitted proof of funds. They say they have submitted all of the paperwork, but that's not what I'm hearing.
“I also have to question the way they are going about things, issuing statements by very unusual means, through a Dubai-based DJ, who also happens to be a Newcastle supporter. They are not going through official lines, which is troubling and means the whole thing loses its credibility.
“The word I'm getting from a number of sources is that they don't have the money to buy the club. I do think their interest is genuine and there have been talks, but I think the reality is that they don't have the funds to complete the takeover.
“Having said that, I still believe there are other interested parties at work in the background.”
As things stand, academy under-23 boss Neil Redfearn, with Ben Dawson, look set to take the United first-team on their pre-season tour of China, which kicks off on Wednesday with a clash against Wolves in the Premier League Asia Trophy.
Steve Bruce remains the favourite to be handed the reins, but as yet no deal has been agreed with Sheffield Wednesday for their manager’s release.