Newcastle United could be the richest team in the world
A £300m takeover deal could be announced in the coming hours
Last updated 7th Oct 2021
A £300m Saudi Arabian takeover of Newcastle United is close to being agreed, with approval from the Premier League being the clubs final obstacle.
The takeover will see an end to Mike Ashley's 14 tumultuous years as owner, and make Newcastle United the richest club in the world.
If the deal is to go through, Newcastle's owner, Crown Prince Mohammad Bin Salman, will have approximately £260Billion of their own wealth to invest into the sleeping northern giant.
To put that number in perspective, Manchester City's owners have £23Billion.
This means that Newcastle United could have more money than all the other Premier League teams combined, with more than double that amount left to spare.
Fans believe that the investment will bring "hope and unitedness around the town".
Who is taking over Newcastle United?
A consortium, made up by 80% Saudi PIF (Public Investment Fund) 10% Amanda Staveley's PCP group and 10% Reuben brothers (property developers David and Simon), has proved that the Saudi state would have no control of the club, and that PIF will be seen as a sperate state.
The PIF is the state's sovereign wealth fund overseen by Crown Prince Mohammed bin Salman, but it has been seen as a separate state with assurance that the Saudi state will not be involved with the day-to-day running of Newcastle.
This will allow the takeover to pass the Premier League owners' and directors' test, following accusations of the Saudi Arabian state abusing human rights.
The development follows the news that a four-year ban on sports channel beIn Sports, Qatar-based broadcaster who broadcast Premier League, Fifa and Uefa matches in the Middle East, has been lifted by Saudi Arabia.
Read More: Top 10 memes from the Newcastle United takeover
Where did the deal come from?
The deal first emerged last year, with the Saudi consortium willing to pay £300m for the football team.
The deal fell through as the Premier League rejected the offer, believing that
The problems from the takeover process originally came from claims about Saudi Arabia's accusations of TV piracy and human rights record.
Despite this, the country denied the accusations of TV piracy.
It has been believed that this alleged dispute between Saudi Arabia and beIN Sports has been resolved.
Has there been any backlash?
Human rights group, Amnesty International, have hit back about the takeover, warning that the Saudi regime are trying to "sportswash" its reputation.
Amnesty has also cautioned that civil society has also been silenced in Saudi Arabia and “anyone critical of the regime has been exiled, arrested, or threatened”.
The US intelligence department has, significantly, named Prince Mohammed as having approved the murder of the journalist Jamal Khashoggi at Saudi Arabia’s Turkish embassy in October 2018.
Despite the backlash, it seems a green light has been given and this will be the start of a new dawn on Tyneside.
More to follow...