Newcastle's Saudi Takeover 'One Step Closer' After Bid Lodged With Premier League

Mike Ashley's reign of terror at St. James' Park could soon be over as the Premier League have been informed of a bid from Saudi Arabia's Public Investment Fund (PIF) to buy Newcastle United.

Club owner Ashley has long been looking for a buyer, but his asking price has often proven to be the problem. The Saudi prince was ​tipped to buy the club back in February, although it was thought that he would prefer Manchester United instead.

However, according to ​The TelegraphPrince Mohammed bin Salman has turned his attention to ​Newcastle, and his PIF have now contacted the ​Premier League to inform them of his desire to buy the club in a £340m deal.

PIF would take 80% of the club, 10% would go to Amanda Staveley, and the final 10% would be given to Reuben Brothers, who also own the Newcastle Racecourse.

The prospective owners have all been in contact with the Premier League to register their interest in buying the club from Ashley, with Staveley, Jamie Reuben and PIF governor Yasir Al-Rumayyan all named as potential directors.

Al-Rumayyan is expected to named as director, while Reuben would need to resign from his role as ​Queens Park Rangers director if the deal goes through.

Contact with the Premier League is said to have been made several days ago, and it is thought that it could take up to a month for league officials to conduct their evaluation of the potential buyers.

Mike Ashley

The coronavirus crisis has put them under real pressure, so finding time to analyse the funding sources of all three interested parties is obviously not their top priority right now, although they still intend to deal with the purchase in due course.

The group hope to invest heavily in all aspects of Newcastle - something which Ashley has often been accused of refusing to do - and they see the Magpies as a club with enormous potential as a result of their history and city-centre stadium.

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Source : 90min