The £300million Saudi Arabian deal to buy Newcastle United from Mike Ashley will see £200m immediately pumped into recruitment and infrastructure, Football Insider can reveal.
A 350-page dossier sent to the Premier League reveals details of ambitions to compete in the Champions League by offering fresh investment in three-year stages as well as new sponsorships.
A Newcastle source has told Football Insider that a deposit has been paid and all the relevant paperwork has been signed, and the deal is now simply subject to Premier League approval.
That process could take three weeks as Premier League officials still have to review all the documents.
Saudi Arabia’s Public Investment Fund (PIF) will acquire an 80 per cent stake, with Amanda Staveley’s PCP Capital Partners taking 10 per cent and the Reuben brothers the other 10 per cent.
Yasir Al-Rumayyan, the governor of PIF, is set to become the club’s chairman and oversee a huge investment in new signings and upgrades of the training ground and academy.
He is a giant in business circles. A fluent English speaker and a close associate of Crown Prince Mohammed Bin Salman, Al-Rumayyan is the chairman of oil giant Saudi Aramco and sits on the board at Uber.
Newcastle are well placed to exploit their new status as a cash-rich club if, as is expected, the prospective new owners pass the Premier League checks to finalise the takeover.
Ashley has been a deeply unpopular owner for the last 13 years but the club have been self-sustainable throughout his reign and operated within financial fair play guidelines.
It means Newcastle will have the capacity to spend big on transfers and wages this summer in a market that is set to be affected significantly by the pandemic.
In other Newcastle United news, Bruce has revealed transfer plan that the Toon faithful would absolutely love.