According to The Sun, Saudi Arabia’s Public Investment Fund have passed the Premier League’s Directors’ and Owners’ test and have been given the go-ahead to complete their £300 million takeover of Newcastle United.
Transferring of funds to soon-to-be ex-Magpies owner Mike Ashley is the only thing left to be sorted, and an official announcement is expected to be made on or around June 1 after the paperwork is processed.
PIF deposited a nonrefundable £17 million through financier Amanda Staveley’s PCP Capital Partners last month as they were confident of getting the deal over the line, and they will now part with the remainder very soon.
Staveley is expecting official word from the Premier League next week, with her firm set to own 10% of Newcastle.
The Reuben Brothers will take charge of another 10%, with the PIF taking control of the remaining 80%.
Saudi’s human rights records and links with broadcasting piracy had threatened to derail the bid, but the owners and directors test found no barrier to the takeover in the end, paving the way to the end of Ashley’s 13-year reign at St. James’ Park.
Newcastle are set for a huge makeover post-takeover, with the prospective owners guaranteed to invest heavily in the playing squad, training facilities, academy and backroom staff.