Despite some journalists making bold claims that the Newcastle United takeover would be completed by 1st May, we now can see that it is far from reality.
That doesn’t mean that the deal is off the table. Reliable journalists like George Caulkin are making the point that the deal is in the advanced stage, and it only requires the approval of the Premier League. It is taking time (more than usual) but the potential owners are hopeful of a positive outcome.
The political resistance to the Saudi Arabia-based consortium buying Newcastle from current owner Mike Ashley is well documented, while there is the long-standing problem of piracy. Amidst all this, the Premier League are expected to make twin decisions, both being equally important.
With football in the UK currently postponed and despite several meetings with clubs, the Premier League is yet to reach a conclusion about how to proceed with the remainder of the season.
Many Newcastle fans are concerned that the Premier League may give their green light to the takeover process only after they have come to a decision about finishing the rest of the season. However, Caulkin suggests he doubts the decision would linger till mid-June. However, the Premier League might prioritise the current concerns about restarting the season, a decision which needs to be taken quickly.
Hi JT. And you I’d doubt that very much, in terms of timeline. It’s possible they might get the framework of PL restart sorted first, but that needs to be done soon.
— George Caulkin (@GeorgeCaulkin) May 15, 2020
And of course, if you’re living under the rock, here’s a quick recap:
A deal in the region of £300 million has been agreed between Mike Ashley and the Newcastle potential owners. The deal has been agreed, and the sum has been paid.
The would-be new owners – Amanda Staveley’s consortium — comprising her company PCP Capital Partners (10 per cent), the billionaire Reuben brothers (10 per cent) and the 80 per cent majority stakeholding of Saudi Arabia’s Public Investment Fund (PIF) – have done their part, and are awaiting the official confirmation from the Premier League.