A Saudi Arabian £300m takeover of Newcastle United could be imminent.
The BBC claims approval from the Premier League could possibly come in the next 24 hours after the consortium proved the Saudi state would not have control of the club. Instead, the Public Investment Fund (PIF), which is set to provide 80% of funds for the £300m deal, will be seen as separate to the state and therefore allow the takeover to pass the Premier League owners’ and directors’ test.
It was believed that a resolution came because Saudi Arabia settled an alleged piracy dispute with Qatar-based broadcaster beIN Sports, which own rights to show Premier League matches in the Middle East.
The Public Investment Fund is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of at least $500 billion (£377 billion)
If the takeover goes ahead it will make the Magpies the richest club the Premier League dwarfing Manchester City owner Sheikh Mansour net worth of $21 billion (£15.5bn) That in turn dwarfs the combined £1.4bn net wealth of West Ham’s principal shareholders David Sullivan and David Gold.
Saudi’s buying Newcastle Utd for £300mil. !!….. Fools and their money easily parted.?
And fans will need to hold their noses given the dire human rights record of the buyers!