Sovereign wealth fund 'in talks' to buy Newcastle United
Saudi Arabia’s sovereign wealth fund is “in talks” over a deal for Newcastle United, according to a report.
The Wall Street Journal report that the fund is in discussions to buy the club for £340million.
The buyer, according to the report, is the Public Investment Fund, Crown Prince Mohammed bin Salman’s “key investment tool”. It’s claimed a deal for the Premier League club “could be days or weeks away”.
United owner Mike Ashley put the club up for sale in October 2017. Since then a series of prospective buyers have failed to raise the funds needed to finance a takeover.
Speaking last summer, Ashley said: “I have to assume I will stay running this football club. There are no offers. Define an offer. I'm not a believer any more. Peter Kenyon convinced me last Christmas that it was going to get done. I'm never doing that again. I think I could own this football club forever.”