Premier League formally informed of Newcastle United Takeover approach – Report
An ‘exclusive’ late on Sunday night, has reported that a Newcastle United Takeover has moved a major step closer.
The report from The Telegraph says that the Premier League have been approached and formally informed that a buyout bid is in progress to try and complete the purchase of NUFC.
The main funding for this bid is said to be once again from the PIF, which is the Public Investment Fund of Saudi Arabia.
It is one of the largest sovereign wealth funds in the world and has previously been reported to have assets of around £300billion.
The PIF was founded for the purpose of investing funds on behalf of the Government of Saudi Arabia, with projects/investments all around the world.
This is of course a continuation of the story that broke in January, the Wall Street Journal first reporting the PIF led interest/bid. Difficult to believe but it is less than six weeks ago since that original story went cold, in terms of dropping from the headlines, with obviously so much else happening outside the world of football to make it all seem a lot longer ago.
This Telegraph exclusive reports it still as a proposed £340 million takeover of Newcastle United with PIF providing most of the funding and said to be set to hold an 80% stake in Newcastle United if this claimed bid is successful, with Amanda Staveley owning 10% and the UK based Reuben brothers having the other 10%. The billionaire brothers already have a number of projects/investments in Newcastle city centre already, plus they own Newcastle Racecourse.
It had been made clear in previous reporting that any stake owned by Amanda Staveley would be earned by her due to work done in securing a Newcastle United Takeover on behalf of the PIF.
As always, we/you will take Newcastle United Takeover tales for what they are, until we get to the end game. After 13 years of Mike Ashley and 12 years of him claiming to be desperately trying to sell the club, it is a case of believe it when we see it.
After a shocking week of media coverage for Mike Ashley due to his disgraceful actions in regard to both his retail empire and Newcastle United, many/most NUFC fans will not be surprised to see a ‘new’ Newcastle United Takeover story surfacing, that could potentially divert attention from his abhorrent behaviour during this current national and international crisis.
Mike Ashley was forced to release a profits warning on his Frasers Group (formerly Sports Direct International Group) earlier this month and in the last six weeks the Frasers Group share price has crashed by 60%, including by over 17% on Friday, despite his laughable open letter public apology released on Friday morning as Ashley belatedly attempted some PR damage limitation.
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