Ben Jacobs has dropped a very big update on the proposed £300m takeover of Newcastle United by the Kingdom of Saudi Arabia (KSA) group.
As per a tweet from the sports journalist, ‘there has been some talk’ in the Kingdom about Aramco, the KSA’s Oil Company that were reportedly set to become the new shirt sponsor of the St. James’ Park faithful if the bid were to go through, supporting the Gulf country’s Public Investment Fund (PIF).
Are the Premier League to blame for the Newcastle takeover collapse?
However, Jacobs also added that Aramco have since dodged commenting on links to the Tyneside club, adding that they are not a private equity buyer, as he pointed out in an earlier tweet that the consortium are exploring the possibility of a private equity model.
Jacobs concluded that because Aramco are 98.5% owned by the government, it is unlikely that they are the solution in terms of the private equity model.
Is the Newcastle takeover still possible?
The very fact that the consortium seem to be exploring their options as Jacobs has claimed is a sign that a prospective deal between Mike Ashley and the KSA group could still be revived.
However, there is still a long way to go yet, as an arbitration hearing between the Magpies and the Premier League in front of a judge likely needs to happen first in order to settle the legal disputes between the two parties.
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