The potential 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) – have done their part, and they are waiting for the Premier League’s approval.
According to reports from the Independent, the takeover is expected to be completed and formally announced by 1 May. The potential owners have already agreed to buy Newcastle from Mike Ashley for a fee of £300m. They have already paid £17m, which is nonrefundable, and the remaining will be paid once the Premier League gives the official confirmation.
However, there are obstacles. Amnesty International has protested because of Saudi Arabia’s record on human rights, and they have warned the Premier League already.
The Premier League chief executive Richard Masters has replied to their letter saying these matters are often subject to media speculation but has assured them that they’ll scrutinise properly.
A Saudi-based journalist Tariq Almansour has delivered a message for the Newcastle fans. He said that the Magpies fans do not need to worry and that the Premier League is not rattled by fake information sent via email.
UK culture secretary Oliver Dowden has suggested yesterday that the government will not intervene with the takeover process. However, the Premier League ‘have some queasiness’ about the takeover.