Newcastle are reportedly on the verge of being taken over by Saudi Arabia’s sovereign-wealth fund, led by Crown Prince Mohammad bin Salman.
According to the highly-respected Wall Street Journal, a £340million deal could be struck with current Magpies owner Mike Ashley within days.
Saudi Arabia’s all-powerful Crown Prince Mohammad bin Salman is reportedly interested in Newcastle
The report claims Bin Salman’s Public Investment Fund has teamed up with a group of investors, organised by Amanda Staveley, to finally take the club off Ashley’s hands.
Staveley, the British financier, was involved in one of many reported takeover bids back in 2017, before walking away.
Meanwhile, the Saudi Crown Prince was heavily linked with a takeover bid for Manchester United last year as part of the country’s new focus on sport and entertainment.
While talks could break down at any moment, the proposed takeover could see a huge investment of money into Newcastle, similar to Abu Dhabis 2008 acquisition of Manchester City.
Ashley wants to sell Newcastle after 13 years in charge
Ashley first became involved with Newcastle in May 2007 with his purchase of Sir John Halls stake in the club. He completed a 100 per cent purchase two months later.
The Sports Direct tycoon has been trying to sell the Magpies since 2017, with fans growing increasingly frustrated by his handling of the club.
Previous bids from Staveley and Peter Kenyon proved fruitless, while a reported takeover from Dubai billionaire Sheikh Khaled in May last year never came to fruition.
It is understood Ashley values Newcastle at £350million, which would make them the second-most expensive club in Premier League history behind Manchester United, who were bought by the Glazer family for £790m in 2005.
Danny Murphy pays tribute to the job Steve Bruce has done at Newcastle
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