A consortium led by Amanda Staveley has reportedly been cleared by the English Premier League (EPL) to take over Newcastle United FC. After conducting the owners and directors test, it was resolved that there was no obstacle to prevent the acquisition hence, a nod was given for the completion of over 3 months long negotiations.
Mike Ashley, who is the current owner acquired Newcastle for about $167 million in 2007 and has managed the team for over a decade, he is set to relinquish his stake to the Saudi backed consortium.
Saudi Public Investment Fund (PIF) led by the crown prince Mohammed bin Salman is the major investor with 80% stake, PCP partners & the Rueben brothers with 10% stakes respectively.
The deal is worth around GBP300 million (US$365 million), as a result St. James park will now host one of the most expensive team in the premiership. It is a huge news for the fans of the club around the world and hope to see their team contend with the top four for titles.
There has been series of opposition to the acquisition, with the death of Journalist Jamal Khasoggi being raised by human right activist and the deceased fiancée Hatice Cengiz.
Hatice Cengiz pleaded with the supporters of the club not to waive off the death of the journalist; she said “I implore you all to unite to protect your beloved club and city from MBS and those around him”.
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Newcastle United are currently in the 13th place on the Premier League table with nine games to end the season, the team players and officials have resumed training in preparation for the games.
The coach Steve Bruce accepted his continuity with the club would be in doubt after the acquisition. He told Sky Sports “it would be wonderful, to be part of it would be great. I would love to see it and be part of it’’.