Newcastle United takeover: Club set for new owner with deal close to be agreed

Newcastle United owner Mike Ashley's 14-year reign at the Premier League is almost coming to an end with reports emerging about the club being taken over by Saudi Arabian-led consortium. According to a report by BBC a deal had been agreed in April 2020 between Newcastle and the buyers, which also includes Staveley's PCP Capital Partners and the Reuben brothers, but they walked away four months later when the Premier League offered arbitration to settle a disagreement on who would control the club.

According to a report published by the Guardian while citing the sources have reported that the £300m takeover could even be completed within the next 24 hours – although others are more cautious – with Amanda Staveley, the British businesswoman, likely to be the face of the deal on an interim basis before being moved aside. Amanda Louise Staveley is one of the most successful businesswomen in the UK. She was born on April 11, 1973 and is reported to have links with some of the most wealthy investors in the Middle East, particularly Saudi Arabia among others, way before the Newcastle takeover from Mike Ashley. 

Newcastle United takeover: Who will be Newcastle new owner?

According to the report the Saudi consortium will own 80% of the club, with 10% going to the property developers Simon and David Reuben and the remaining 10% going to Staveley’s PCP Capital Partners. The report further states that the Saudi-backed Public Investment Fund (PIF) overseen by Crown Prince Mohammed bin Salman has provided assurances to the Premier League that the Saudi state would not be involved in the day-to-day running of Newcastle. 

The development comes following the news that Saudi Arabia has lifted its four‑year ban on sports channel network beIN Sports to allow Premier League, UEFA and FIFA match to be broadcast legally again – as well as promising to close pirate websites operating in the country. The report by the British media outlet also says that Saudi Arabia is in discussions over beIN’s Sports claims for damages totalling more than $1bn due to the country being behind a pirate network, BeoutQ, that illegally transmitted games for several years. However, the resolution of the piracy issue was not the only key factor in putting the deal, which was first proposed in March 2020, back on the table.

What does the takeover mean for Newcastle United?

If the Newcastle takeover does go through then the club will spend incredible amounts of money under the watchful eye of the Saudi Public Investment Fund. With the funds coming the club will be able to sign some eye-catching talent and also try and fight to the Premier League title in the future.

The other change likely to happen with the takeover would be the appointment of a new manager to replace the unpopular Steve Bruce. The former Manchester United player who has managed to keep the club in the top tier is regarded as an “Ashley puppet” by the majority of the fan base and the current manager is still to help the club get their first win of the campaign.