Newcastle United fans are waiting with bated breath to know the outcome of the takeover as currently it is being reviewed by the Premier League.
The Magpies owner Mike Ashley has decided to sell the club for a fee of £300 million, a drop-down of £40m from his initial valuation.
The would-be Newcastle United 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) – are currently waiting for Premier League’s approval but they are facing obstacles elsewhere.
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.
According to Sky Sports journalist Keith Downie, the potential takeover could take a ‘matter of days’ once the Premier League gives their thumbs up.
It’s fluid situation now that it’s with the PL, dependant on how organised and thorough the buyers’ business plan is. But even once the PL have given the takeover the thumbs up, it could still take a matter of days before the financial transaction completes the deal. https://t.co/L0PRcJnO4H
— Keith Downie (@SkySports_Keith) April 27, 2020
The Staveley group has already paid a fraction of the sum, which is non-refundable, while the remaining amount will be paid after the Premier League gives the green signal.
He also claimed that it is a ‘fluid situation now’, and the decision entirely rests on the Premier League. They will be closely monitoring how organised and thorough their business is.
Newcastle United are expected to undergo a massive change under the new owners. While Steve Bruce is likely to stay in charge for the rest of the season, there could be a sea-change approach in management and recruitment in the summer.