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Newcastle United: Takeover of club expected to be resolved next week

Newcastle United: Takeover of club expected to be resolved next week - Newcastle United

The prospective £300m takeover of Newcastle United is expected to be resolved next week, according to The Daily Telegraph.

Approval for the Saudi Arabian-backed bid remains the most likely outcome following a thorough investigation by the Premier League which is understood to have been completed.

The newspaper revealed at the end of March that paperwork for the proposed takeover, which is headed by businesswoman Amanda Staveley, had been submitted. A deposit of £17m was paid to the Tyneside club’s owner Mike Ashley and, contrary to suggestions, there is no time limit on how long it will take for the deal to be completed.

Indeed, the Sports Direct CEO’s reign of 13 years at St. James’ Park will come to an abrupt end if the Saudi-led consortium are able to move in, and according to the report, this could be resolved by as early as next week.

The buying side consists of the Saudi crown prince Mohammed bin Salman (MBS), backed by the country’s Public Investment Fund (PIF), Staveley’s PCP Capital Partners and the billionaire Reuben brothers, all of whom would gain part-ownership of the Magpies at Ashley’s expense.

However, until the deal is officially confirmed and announced by either the Toon, the parties involved in the bid or the Premier League itself, the takeover very much remains up in the air at the moment.

Nevertheless, this is surely an encouraging report for Newcastle fans, as various dates have been thrown about before but it is perhaps good to know that everything could be finalised by next week.

Has the takeover saga been going on for too long?

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Article title: Newcastle United: Takeover of club expected to be resolved next week

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