More white smoke on Newcastle takeover as telling new detail reported

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Published on:

23 May 2020, 6:31 am

There has been more white smoke on the Newcastle United takeover as new detail emerged today suggesting the deal is all but done.

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

Subsequent reports, including from the Middle East edition of business magazine Forbes, stated the ruling body has given the go-ahead and the final paperwork of the deal is now being processed.

The Chronicle has now claimed the proposed £300million buyout of Mike Ashley has taken a further step forward with talks between Newcastle city council and the would-be owners.

It is said that this includes contact between the Amanda Staveley-led consortium and executives at the council over how the club can be at the heart of civic life.

The prospective new owners are keen to use the Man City blueprint to invest in infrastructure in the city as well as the club itself and team.

Newcastle fans are still waiting for formal clarification that the takeover has been complete and the deeply unpopular Ashley bought out.

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

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.

The deal has not yet been signed off but it is expected that an announcement is imminent and could come as early as next week.

In other Newcastle United news, it can be REVEALED that a London club are plotting signing Magpies ace who has house next to their training ground.

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