Newcastle takeover moves one step closer to fruition after ‘Premier League is informed of £340m attempt to buy out Mike Ashley by Saudi Arabia’s sovereign wealth fund’
- The Premier League has been informed of a bid to buy Newcastle United
- The Public Investment Fund of Saudi Arabia is leading the bid of around £340m
- Amanda Staveley and Reuben Brothers are also part of the investment body
- Owner Mike Ashley has previously made it clear he does not want a public saga
A Newcastle takeover has taken a significant step towards fruition after the Premier League was informed of a bid to by the club.
Speculation has been rife that an offer, backed largely by Saudi Arabian sovereign wealth, has been in the offing since January, with reports suggesting a bid of around £340m was forthcoming.
And now, according to the Daily Telegraph, the interest has now been made official with the footballing organistation now made aware that there is an attempt to buy out Mike Ashley at St James’ Park.
A takeover at Newcastle has moved one step closer after the Premier League were informed
The report suggests that the Public Investment Fund of Saudi Arabia (PIF) will acquire an 80 per cent stake in the club should the deal come off.
Amanda Staveley, who has held a long-term interest in acquiring the North East club, will take on 10 per cent through PCP Capital, while the remaining 10 per cent will be taken by the Reuben Brothers.
Staveley, alongside Jamie Reuben and PIF governor Yasir Al-Rumayyan are thought to have been named among prospective directors.
Amanda Staveley is understood to be one of the driving forces behind the possible takeover
It is understood that Al-Rumayyan would be named chairman in the event of a successful acquisition.
Mike Ashley has previously urged potential suitors to do their talking with their cash and refrain from playing out takeovers in public after a number of sagas.
Staveley was involved in 2017 when she made several public appearances and gave interviews to national papers about the prospect of a takeover.
There was a similar attempt made by former Chelsea and Manchester United chief executive Peter Kenyon towards the end of 2019.
Mike Ashley has urged potential suitors not to try and make any takeover bid a public saga