According to Eurosport France journalist Manu Lonjon, Saudi Arabia’s Public Investment Fund have completed their takeover of Newcastle United, with an official announcement imminent.
The Governor of the PIF Yasir Al Rumayyan will be the new chairman of the St. James’ Park club, and it’s safe to say Mike Ashley’s 13-year tenure as Magpies owner is all but over.
Total agreement for the sale of Newcastle. Deal Done. Imminent announcement. As expected, the new president will be Yasir Al Rumayyan!
— Manu ⭐️⭐️ (@ManuLonjon) April 20, 2020
The sovereign wealth fund of the Kingdom of Saudi Arabia have been in talks with the Toons owner over a £300 million takeover, with Amanda Staveley leading the discussions.
Staveley’s PCP Capital Partners are set to own 10% of Newcastle, the Reuben brothers are expected to own another 10%, with PIF owning the other 80%.
The Premier League is currently carrying out its owners and directors test on Al-Rumayyan, 50, but it doesn’t seem that will stop the takeover from going ahead.
The new owners are set to hold a meeting tomorrow where they will discuss more about their new project and make a list of profiles and names for different positions.
A major squad overhaul is on the cards once the PIF take charge of the Magpies, and fans can’t wait to see how the team will look when next season starts.