Despite agreeing a £300m deal back in April with Mike Ashley, the potential new owners are yet to get the green signal from the Premier League.
The potential new owners – the Public Investment Fund of Saudi Arabia, Reuben Brothers and PCP Capital Partners – have already paid a part-payment in the region of £17m which is non-refundable.
The Athletic wrote last month that the would-be new owners have lofty ambitions as they want the club to be recognised as one of the powerhouses in the Premier League, but they want to make steady progress.
Amidst the anxious waiting, the Daily Mail has reported that the potential new owners will prioritise the appointment of a technical director as part of a boardroom shake-up.
The Saudi-backed takeover are looking to reshape the club’s hierarchial structure which puts uncertainty over the future of current managing director Lee Charnley.
The report claims that the new owners are expected to launch a mega-money transfer drive of Europe’s most high profile players.
Despite the fact that football finances in the UK will be deeply affected due to the coronavirus pandemic, it has been claimed that there will be significant funds available for the Magpies to spend in the summer transfer window.
But before that, they want to take a more measured approach in their recruitments, and that is why the club is looking to bring in a technical director with a reputation of working within a budget and framework.
Bundesliga club Fortuna Dusseldorf’s current sporting director Lutz Pfannenstiel and Former FC Porto and Paris Saint-Germain supremo Antero Henrique have also been linked with the club for this role.