According to reports from The Guardian, the £300 million takeover of Newcastle United is expected to be completed within the next seven to ten days.
The prospective 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) – are waiting for Premier League’s approval for the deal to go through.
The Guardian claims that the owners’ and directors’ test has been carried out for almost three weeks, and no major 11th-hour hitch is expected.
Mike Ashley has finally agreed to sell the club to the Saudi investors led by Staveley for a fee of £300 million, a drop-down of £40m from his initial valuation.
The report claims that The Public Investment Fund group have already submitted a £17m non refundable deposit to Mike Ashley, while the remaining amount will be paid once Premier League gives them the thumbs up for the takeover to go through.
The Saudi Arabia funded takeover has inched closer to completion on Tuesday as documentation lodged with Companies House revealed that Bander bin Mogren, the chief operating officer of Saudi’s Public Investment Fund (PIF) was added as the director of NCUK Investment Ltd on 9 April.
The addition of Mogren on April 9 suggests he will be heavily involved in the Newcastle takeover deal. The NCUK investment will be used to transfer shares from Mike Ashley when the takeover is completed. He is expected to join the St James’ Park board.