Any ownership takeover process takes time and the Newcastle United takeover is no exception. The only problem, in this case, is – it is more complicated than any other deal.
A deal in the region of £300 million has already been agreed between Mike Ashley and the Newcastle potential owners. The potential new owners have signed a contract and a part payment, that is non-negotiable, has been paid to Ashley as well.
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.
And this is taking a lot of time, so much that everyone is now getting frustrated.
Both the buying and the selling parties remain confident that the deal will go through, but the Premier League are faced with two major issues – the violation of human rights and piracy.
The Premier League has been conducting a rigorous background check following allegations of broadcast piracy against the Saudi consortium.
According to well-known journalist Miguel Delaney of The Independent, a decision could be made in mid-June.
Delaney claims that at some point over the next fortnight everyone will get a clear picture. However, at the same time, he adds that the ‘takeover is still unlikely to be settled for some time’.
Last month, at one point it looked like the deal would get the green signal shortly. However, Premier League chief executive, Richard Masters, has poured cold water over the excitement by saying there’s no time limit within which they have to come to a decision.