Newcastle United may not get what they had hoped for in terms of the proposed takeover in the North East, according to a Middle East expert (via Daily Telegraph).
As per Ahmed Gatnash, co-founder of the Kawaakibi Foundation for greater liberties in Muslim communities, the Tyneside club ‘needs root and branch renewal’ and added that it is a ‘really bad time’ for the Kingdom of Saudi Arabia (KSA) to take over at St. James’ Park.
Indeed, the Saudi Arabian crown prince Mohammed bin Salman (MbS) and his country’s Public Investment Fund (PIF) are due to hold an 80 per cent stake in the Magpies if the Premier League were to approve of the £300 million deal between current owner Mike Ashley and the buying side, which also includes the businesswoman and head of PCP Capital Partners Amanda Staveley and the billionaire Reuben brothers who are based in London.
Will the Premier League approve the takeover of Newcastle?
Gatnash also revealed that the Saudis have been cutting their salaries by 30 per cent, including doctors, and further claimed that they do not have the money to go around at the moment.
He believes that they are ‘struggling’ and claimed that the track record of MbS shows that he is ‘brash’.
“I don’t think Newcastle will get what they hope for. The Saudis have been cutting salaries by 30 percent, including doctors. They don’t have the money to go around at the moment. They are struggling and his track record shows MBS is brash,” he said (via Daily Telegraph).
Gatnash cites how the Saudi Arabian crown prince has said that the country have to ‘get out of oil’ in the wake of an oil crash and the global pandemic crisis which has hit plenty of countries financially.
There have apparently been attempts to privatise the sector to generate money from elsewhere, and Gatnash suggests that MbS does not always deliver on his word.
This piece of insight may worry some members of the Toon faithful, but there still remains hope that the bid to buy NUFC will eventually be approved by the top flight.
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