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Report: There is another bid on the table to buy Newcastle United

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BeIN Sports’ Senior Football Anchor and former Sky Sports presenter Richard Keys has claimed that there is another bid on the table for Newcastle United.

Saudi Arabia’s Public Investment Fund are looking to complete a £300 million takeover of the Magpies, and the Premier League is currently carrying out its Owners and Directors test.

Given Saudi’s human rights records and links with pirating top-flight matches, Amnesty International and BeIN sports have both written to the Premier League to block PIF’s attempt to own Newcastle, with Keys telling owner Mike Ashley to reconsider accepting the proposal.

The veteran English reporter claims another consortium has been trying to buy Newcastle for sometime, and that Ashley would prefer their bid to PIF’s.

“There is one way out of this and it might be that it suits everybody. I know for a fact that there is another bid on the table for Newcastle. There has been for sometime. I thought it would come to a conclusion by Christmas, I thought it might come to a conclusion earlier in the New Year,” he said on The Keys and Grey Show.

“The one thing Mike Ashley hasn’t done is comment on this speculation surrounding the current bid. He has said nothing. I still believe he would prefer the other bid to come to a successful conclusion. The Saudis I think have got a two-week exclusivity left, and then watch and wait for developments, but in the meantime it’s absolutely right that the point has been made.”

PIF have already deposited a non-refundable £17 million, with PCP Capital Partners owner and finance broker Amanda Staveley seemingly confident there will be no hold-ups as they wait for the Premier League to ratify the takeover.

There are suggestions that, subject to the EPL approval, the purchase is complete, with the £283 million balance to be paid once the documents have been signed off.

According to Sportsmail, Newcastle were hours away from confirming the sale last week only for the Saudis to insist on a delay as their business custom is to wait until full completion before making an announcement.