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Keith Downie provides latest update on Newcastle takeover deal

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Mike Ashley

Sky Sports journalist Keith Downie has delivered the lates updates on the potential Newcastle United takeover deal.

According to The Times, the Saudi-led consortium has moved a step closer to buying Newcastle United. They have clinched a deal with the Magpies for a fee in the region of £300 million.

Newcastle United owner Mike Ashley was forced to drop his asking price by £40m due to the Coronavirus pandemic.

A part of the total fund has been paid already while the remaining part will be paid once the Premiership approves the change of ownership.

Downie has revealed on Twitter that Newcastle United boss Steve Bruce will be given the last nine games of the season before the new owners will consider bringing in their own candidate.

In another tweet, he said that sources close to the deal reckon that the takeover process could be wrapped up as early as the end of the April, so it could be completed within the next 10 days.

The Daily Mail has claimed that all relevant paperwork has been signed and the process of completion is expected to take three to four weeks.

Downie says that it is difficult to pinpoint a time frame, and therefore it remains a ‘fluid situation’.

If the deal goes through, the Saudi sovereign wealth fund will become the new majority owners at St James’ Park, holding 80 per cent of the club.

Another 10 per cent will be owned by financier Amanda Staveley and property tycoons David and Simon Reuben.

Simon Bird of the Mirror has claimed that the new owners are looking to pump £200m into recruitment and infrastructure.

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