Saudi takeover of Newcastle expected next week

The proposed £300million takeover of Newcastle United is finally expected to be resolved next week. Approval for the Saudi Arabian-backed bid remains the most likely outcome following a thorough investigation by the Premier League which, it is understood, has been completed.

Paperwork for the takeover, which is headed by financier Amanda Staveley, was submitted at the end of March. A deposit of £17million was paid to Mike

Ashley, the club’s owner, and there is no time limit on the deal being completed.

Last month, the Premier League embarked on checks through its owners’ and directors’ test while ensuring that the funds were in place, together with a business plan. That process usually takes up to four weeks, but it has been delayed by coronavirus and the objections raised by bein Sports over Saudi Arabia’s alleged involvement in the piracy of Premier League matches, which has been thoroughly investigated.

It is understood all the checks and investigations are now complete and a final decision could be made in the coming days. Sources have suggested that the bein complaint will not prevent the takeover, although it has complicated matters and been taken seriously. There have also been objec- tions, led by Amnesty International and Hatice Cengiz, the fiancee of murdered journalist Jamal Khashoggi, over Saudi Arabia’s human rights record.

If approved, the takeover would end Ashley’s controversial 13-year ownership. Saudi Arabia’s Public Investment Fund would take an 80 per cent stake. The PIF’S governor, Yasir Al-rumayyan, is understood to be the nominated chairman of Newcastle.

Staveley’s PCP Capital Partners will take 10 per cent, with the final 10 per cent acquired by one of Britain’s wealthiest families, the Reubens.