Sports
BREAKING: Newcastle’s Saudi Arabia-backed takeover has been completed after 18-month wait as £300m Saudi deal done
The Premier League have agreed for Mike Ashley to sell Newcastle United to Crown Prince Mohammed Bin Salman after their £300m deal was finally confirmed..
The Saudi Arabian Public Investment Fund have secured an 80 per cent stake in the club after businesswoman Amanda Staveley brokered the takeover.
Staveley subsequently took a 10 per cent share in Newcastle, while property tycoons David and Simon Reuben have the remaining 10 per cent.
Yasir Al-Rumayyan, who is the governor of the PIF, is in line to become the new chairman at St. James’ Park.
A top manager could also come in to replace Steve Bruce, who has been under pressure on Tyneside in recent months, with the club struggling so far this season.
Saudi Crown Prince Mohammad Bin Salman is close to a takeover of Newcastle United
Saudi Crown Prince Mohammad Bin Salman has funded the takeover of Newcastle United
Crucially, though, Toon fans are simply excited to ultimately see the back of Ashley after his turbulent reign.
The Sports Direct chief executive took over the club in 2007, when he paid around £134m to take sole ownership of Newcastle.
Ashley’s 14-year stranglehold of the Magpies has come to an end as the PIF’s takeover received the all-clear, despite looking dead in the water several times.
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