Revealed! Billionaire Reuben brothers ARE partners in 'active' Amanda Staveley-led Saudi takeover of Newcastle United
Billionaire London-based property tycoons the Reuben Brothers ARE partners in the Amanda Staveley-led Public Investment Fund of Saudi Arabia takeover bid for Newcastle United.
The Gazette has had it confirmed that Reuben Brothers – run by siblings David and Simon Reuben – are part of an 'active' takeover bid to end Mike Ashley’s 13-year ownership of the Premier League club.
And, as previously reported, Jamie Reuben, son of David, is understood to have ‘led’ the businessmen’s involvement in the rumoured £340million deal.
Reuben Brothers describe themselves as a “leader in private equity, real estate investment and development, and debt financing”, according to their official website.
The company has a diverse portfolio of investments including Metro Bank, Travelodge Hotels, Arena Racing Company – which runs Newcastle Racecourse – and are involved in joint ventures with the likes of British Marine. They also held a 50% stake in the building of London's Olympic City for the 2012 games.
Real estate is where the company now focuses attentions, which is where takeover bid involvement could tally, coupled with the family's love of Premier League rivals Chelsea.
Assessing the company’s real estate, their website reads: “Our real estate holdings are significant in scale and broadly diversified, encompassing office, retail, hotel, residential and infrastructure properties across the world.”
Property owned by the Reuben Brothers include London's Millbank Tower, the John Lewis Partnership and American Express headquarters, Carlton House, Connaught House on Berkeley Square, Primark on Oxford Street and Sloane Street shops.
The company owns large areas of land in Newcastle city, mainly on Pilgrim Street, including the current Stack site and old Bank of England building, all earmarked for regeneration in the next five years.
As part of proposed deal, Crown Prince Mohammed Bin Salman's PIF would buy out an 80% stake in the club, with Reuben Brothers and Staveley each acquiring 10%.
Confirmation of the Reuben Brothers involvement underlines the legitimacy of this fresh takeover bid amid justified scepticism among the United faithful. It does not however, guarantee any deal, thought to be at an ‘advanced stage’ according to sources close to talks, will progress, with Ashley a notoriously difficult negotiator.