Home News newcastle united takeover expected to be completed and formally announced by 1 may

Newcastle United takeover expected to be completed and formally announced by 1 May

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Amanda Staveley

Amid the takeover talks and the controversy surrounding it, the UK Culture Secretary, Oliver Dowden, has claimed that the government won’t intervene in Saudi Arabia’s takeover of Newcastle United.

The Magpies owner Mike Ashley is on the verge of selling Newcastle United to a consortium led by Amanda Staveley for £300m. The deal will see a Saudi sovereign wealth fund – chaired by Crown Prince Mohammed bin Salman – have 80 per cent stake in the club. The remaining 20% will be shared by Staveley and Ruben Brothers with 10% each.

According to reports from The Independent, the takeover is expected to be completed and formally announced by 1 May. At this moment, all the paperwork have been submitted and currently being reviewed by the Premier League. The news owners are confident of it passing the Premier League Owners’ and Directors’ Test.

In fact, the potential owners have paid a figure of £17m non-refundable sum to Mike Ashley, while they are expected to pay the rest once the takeover is completed.

The would-be owners are very confident that the deal will go through. It has been reported that Steve Bruce will keep his job till the end of the season, but the club’s managing director Lee Charnley is expected to depart after 20 years of service.