The long-running sale of English Premier League club Newcastle United looks imminent, with reports that an agreement laying out a deal with Saudi Arabia’s Public Investment Fund has been submitted to the UK’s Companies House.
The bid is said to be worth about £300m ($378m/€345m), and is being brokered by Amanda Staveley, the Dubai-based financier. It now moves on for approval by the Premier League and is believed to be undergoing the league’s owner’s and director’s test.
The deal is being structured through a vehicle created by Staveley and will see the Riyadh-based Saudi PIF funding 80 per cent of the potential takeover. Staveley’s PCP Capital Partners will put in 20 per cent of the consideration, with 10 per cent of the funds coming from Staveley personally and the remainder from David and Simon Reuben, the British property investors, the Financial Times reports.
The deal was first reported in January, when it was said to be worth £340m. An investment of £200m in the team’s playing squad and a regeneration of run-down parts of Newcastle were reported to be part of the plan.
The takeover would make Newcastle the second Saudi-owned Premier League club. Sheffield United is owned by Saudi Prince Abdullah bin Mosaad bin Abdulaziz Al Saud, who secured full control from local businessman Kevin McCabe last year, bringing to an end current owner Mike Ashley’s 13-year reign at St James’ Park.