Newcastle United takeover close as Premier League finalise decision

Newcastle United could be under new ownership by the end of this week – with the Premier League set to approve a takeover.

Wednesday, 29th April 2020, 10:00 am
Updated Wednesday, 29th April 2020, 10:04 am

Financier Amanda Staveley, backed by Saudi Arabia’s Public Investment Fund and the billionaire property investors David and Simon Reuben, have agreed a £300million deal for the club.

The proposed deal, which will bring an end to Mike Ashley’s controversial 13-year tenure as owner, has been with the Premier League for its owners’ and directors’ test.

And it’s set to be given the go-ahead despite opposition from Amnesty International, Jamal Khashoggi’s fiancee and beIN Sports.

The Echo understands that the sale, which comes with Premier League football suspended until at least June due to the coronavirus pandemic, could be completed this week if there are no hitches, and source close to the deal has indicated that there could be a formal announcement as early as tomorrow.

Neither side has made a comment.

Ashley had claimed last summer that he saw himself owning United “forever” after seeing a number of prospective buyers fail to raise the funds needed to buy the club, which is 13th in the Premier League with nine games left to play.

Staveley’s consortium plan significant investment in Newcastle, which has only qualified for European football once, and has been relegated twice, since Ashley took over in 2007.

St James's Park.

The development comes after a claim of a rival £350million bid from American Henry Mauriss emerged.