Andrew Musgrove has revealed what the Reuben brothers did before the proposed takeover of Newcastle United collapsed.
Indeed, the billionaires, who are originally from India but now based in London, were part of the Kingdom of Saudi Arabian (KSA) group looking to buy the Tyneside club from Mike Ashley.
They were due to hold a 10% share at St. James’ Park, with businesswoman and head of PCP Capital Partners Amanda Staveley also set to take a 10% stake and the Middle Eastern crown prince Mohammed bin Salman (MbS) and his country’s Public Investment Fund (PIF) becoming the major shareholders with the other 80%.
However, the buying side withdrew from the prospective £300m deal with Ashley as they felt that the Premier League and its chief executive Richard Masters were simply taking far too long to approve their bid, and so they decided to pull the plug rather than wait any longer for the league’s judgement.
Musgrove, writing for The Chronicle, revealed that there was genuine interest from the Saudi-led consortium to invest in the local community had the takeover been given the green light by the Premier League and its CEO.
The journalist also revealed that the Reuben brothers helped out the NUFC Fans Foodbank through the lockdown period as a result of the global pandemic outbreak, with weekly donations from their own pockets which ended up totalling several thousands of pounds.
It was also understood that there was money available to be invested in the city, which may anger some members of the Toon Army given that the takeover seems to have been cooled off for now.
Nevertheless, there could be more opportunities for the local community if the deal was to be resurrected, but this may be down to the Premier League and whether they could speed up the takeover decision process.
Is the KSA takeover of Newcastle over?
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