Newcastle United fans have desperately wished for a change of ownership all these years.
And it seems, it is only a matter of time now.
The Daily Mail has reported that the £300million takeover of Newcastle United is now in the hands of the Premier League.
All the necessary paperwork have been lodged which means that a consortium – backed by Saudi Arabia’s Public Investment Fund – could be in place well before the start of the new season.
Now The Independent claims that the £300m takeover of Newcastle United is expected to be fully completed by the end of April.
The report claims that Saudi Arabia’s Public Investment Fund [PIF] will own 80 per cent of the club. They do not anticipate any hold-up during the Premier League‘s Owners’ and Directors’ Test.
Despite concerns about the state’s human rights record, it has been claimed that the checks will be completed as early as next week.
Along with PIF’s 80 per cent, the Reuben brothers will control 10 per cent of the club, and Amanda Staveley’s PCP Capital the remaining 10 per cent.
The report adds that Staveley will be given a prominent role in the running of the club.
Mike Ashley has owned the club for a decade and he is not a popular figure among the fans.
Newcastle could enter into a new era shortly with a deal to a Saudi Arabia-backed consortium close to being approved.