St James's Park set for 'revamp' as part of audacious Newcastle United takeover plan
Saudi Arabia’s Public Investment Fund (PIF) has outlined its plans for Newcastle United in an ambitious 350-page document, according to a report.
Amanda Staveley, backed by PIF and David and Simon Reuben, has agreed a £300million takeover, which is now with the Premier League for its owners’ and directors’ test. This is expected to take several weeks.
The Daily Mail report that PIF governor Yasir Al-Rumayyan “is poised to become the public face of the club”. Al-Rumayyan is also chairman of Saudi Aramco, the biggest oil company in the world.
Staveley’s consortium has reportedly outlined “audacious plans to pump hundreds of millions into Newcastle in a bid to create a club capable of competing in the Champions League” in the detailed document submitted to the Premier League.
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Investment, including new sponsorship deals, is planned over a series of three-year cycles. The club’s deals with shirt manufacturer Puma and club sponsor Fun88 are due to end this summer.
Meanwhile, St James's Park, the club’s iconic 52,000-capacity home, is also for a “revamp”, according to the report.
United owner Mike Ashley angered fans last year by selling land next to the stadium for development.
Supporters believe the proposed Strawberry Place development, controversially approved by councillors late last year despite numerous objections, will prevent any future expansion of St James’s Park.