Could this be the vital week in the Newcastle takeover process?
According to reports from The Chronicle, Newcastle United could be under new management within this week.
After more than two weeks, 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) – are still waiting for Premier League’s approval for the deal to go through.
However, the Magpies are all set to enter the new era at St James’ Park. A £300 million deal with Mike Ashley has been agreed, and now they expect to get the green light this week.
Luke Edwards of The Telegraph has been covering the development from the beginning, and he has once again claimed on Twitter that the potential buyers are ‘confident it will be done this week’.
At the same time, he adds that it is unlikely that the deal would get blocked, but ‘it’s just hard for everyone’ to keep waiting for the final confirmation.
The buyers are confident it will be done this week but they’ve said that before. More waiting I’m afraid but no news is good news. Nobody is saying it’s off, or going to be blocked so no reason to worry yet. It’s just hard for everyone waiting
— Luke Edwards (@LukeEdwardsTele) May 10, 2020
The prospective new-owners see this project as a long-term effort to transform Newcastle United from a safety-first institution into a modern and ambitious Premier League club.
According to reports, they are even prepared to spend up to £200 million on recruitment and infrastructure once the takeover is complete.