Saudis let it be known to Forbes Newcastle takeover is complete

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Published on:

21 May 2020, 1:49 pm

The Premier League have given the green light for the Saudi consortium to buy Newcastle United.

Football Insider revealed on Monday that the takeover was set to be approved after a forensic investigation from the governing body into allegations of illegal streaming involving the Saudi government and a homegrown pirate TV service.

The Middle East edition of business magazine Forbes has now claimed the proposed £300million buyout of Mike Ashley has received the final seal of approval.

Given its location, the report by the highly respected and well-connected outlet has seemingly come direct from sources close to the Saudi government.

The consortium is a joint venture between Saudi Arabia’s public investment fund, the billionaire UK-based Reuben Brothers and Amanda Staveley.

PIF, which will buy 80 per cent of Ashley's shares, is chaired by Saudi Crown Prince Mohammed Bin Salman.

Football chiefs have been keen to hold a thorough probe after new legal documents were passed to them last week.

However, the all-clear has now been given, paving the way to completion.

Newcastle fans have had to be patient during a lengthy process after a deposit was paid and all relevant paperwork signed last month.

They have been desperate to bring an end to the reign of Mike Ashley, who is a deeply unpopular figure among the fanbase.

He has owed the club for 13 years and twice overseen relegations to the Championship as well as a cautious approach that has seen the club fall way behind the Premier League big hitters.

In other Newcastle United news, it can be REVEALED that 23-year-old is unlikely to play for the club again after exit talks.

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