Home News jason burt provides latest update on newcastle united takeover

Jason Burt provides latest update on Newcastle United takeover

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Amanda Staveley

Newcastle United fans are desperate for a swift resolution in the takeover process, but at the moment it seems the Premier League is taking their time.

Reports emerged that a second bid to buy Newcastle United has come from American Henry Mauriss who is willing to pay £350 million, £50 million more than the club’s valuation. However, the Saudi Arabian Public Investment Fund are front runners in the deal.

According to Jason Burt of The Telegraph, there has been a credible bid, contracts signed and a deposit has been paid by the would-be Newcastle United owners.

The prospective 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 no shortlist of managers to succeed Steve Bruce who is likely to stay till the end of the campaign.

According to reports from the Chronicle, the bidders’ hands are tied in terms of communications while Mike Ashley has said nothing since news of the bid progressing emerged weeks ago.

Meanwhile, two human rights groups have already written letters to the Premier League urging them to block the deal while broadcasting giants BeinSports have also complained of piracy.