A Newcastle United takeover has moved a significant step closer with a 300-million-pound (378 million U.S. dollars) deal believed to have been agreed between owner Mike Ashley and a Saudi Arabia-backed consortium.
According to several British media outlets, barring any last-minute changes of heart, Ashley’s 13-year ownership of Newcastle could soon come to an end. A 31-page charge agreement lodged at Companies House last week provide concrete proof that advanced negotiations are well under way.
The BBC confirmed that the Premier League has also been informed of the potential deal and are understood to have begun the process of carrying out checks under its owners and directors test.
The Guardian revealed that the consortium was fronted by the Yorkshire-born financier Amanda Staveley, who has been backed by the UK-based Reuben Brothers and Saudi Arabia’s Public Investment Fund (PIF).
The latter is one of the world’s wealthiest sovereign wealth funds and the original plan involved PIF assuming an 80 percent stake in the club, Reuben Brothers 10 percent and PCP Capital the remainder.