Newcastle acquisition moves closer to realization after ‘Premier League has been notified of £ 340 million attempt to buy out Mike Ashley through Saudi Arabia’s sovereign wealth fund’
- The Premier League have been notified of an offer to buy Newcastle United
- Saudi Arabia’s Public Investment Fund is leading the offer of around £ 340 million
- Amanda Staveley and Reuben Brothers are also part of the investment body
- Owner Mike Ashley has previously made it clear he doesn’t want a public saga
A takeover by Newcastle took an important step in the right direction after the Premier League was notified of the club’s offer.
It has been speculated that a bid has been coming since January, largely backed by Saudi Arabia’s sovereign wealth, with reports suggesting a bid of around £ 340 million was imminent.
And now, according to the Daily telegram, the interest has now been made official with the football organization now aware that an attempt is being made to buy out Mike Ashley at St James’ Park.
A takeover in Newcastle has come a step closer after the Premier League was notified
The report suggests that the Public Investment Fund of Saudi Arabia (PIF) will acquire an 80 percent stake in the club when the deal ends.
Amanda Staveley, who has a long-term interest in acquiring the North East club, will acquire 10 percent through PCP Capital, while the remaining 10 percent will be occupied by the Reuben Brothers.
Staveley, alongside Jamie Reuben and PIF Governor Yasir Al-Rumayyan, is believed to have been named among future directors.
Amanda Staveley is seen as one of the driving forces behind the potential takeover
It is understood that Al-Rumayyan will be appointed chairman upon a successful acquisition.
Mike Ashley has previously urged potential candidates to talk to their money and avoid making public takeovers after several legends.
Staveley was involved in 2017 when she had several public appearances and gave interviews to national newspapers about the prospect of a takeover.
A similar attempt was made by former Chelsea and Manchester United CEO Peter Kenyon towards the end of 2019.
Mike Ashley has urged potential candidates not to attempt to make a takeover bid public