Newcastle are set to become one of the Premier League’s wealthiest clubs after a mega-rich consortium, led by the Saudi Public Investment Fund (PIF) and controlled by Crown Prince Mohammed Bin Salman, reportedly received approval.
The sovereign wealth fund headed by the crown prince, who is known as MBS, has been in talks to buy the Premier League outfit since January, tabling a £300 million ($365 million) bid alongside a team of investors.
A move by British politicians to block the bid as part of an investigation into alleged links between the Saudis and a piracy campaign that has affected Premier League television rights risked scuppering the sale entirely last week, but Forbes has now reported that the Premier League has approved the seismic deal.
Saudi Arabia will own around 80 percent of the club after reaching agreement with current owner Mike Ashley, according to the business publisher.
Ashley has been much-maligned by fans for his apparent indifference and lack of investment in the Magpies since taking control for $167 million in 2007, leaving some fan groups split by their desire to see the Sports Direct magnate depart and misgivings over ethical concerns surrounding the prospective new owners.