Newsletter

Get your daily update and weekly newsletter by signing up today!

News

Confirmed Newcastle United takeover deposit paid and ‘no backing out now’ – The Times

5 months ago
Share

Whisper it quietly…but I really think this Newcastle United takeover is now happening.

Reports overnight say that ‘sources close to the deal’ have confirmed a number of things.

The Times leading on the story as they published this morning, a minute after midnight.

They say that the deposit has been paid to secure the deal for a Newcastle United takeover.

That all the relevant documents have been signed after agreement reached between Mike Ashley and the buyer(s).

The Premier League are now reviewing the documents and that process is expected to take around three weeks.

We are 33 days away now from the 13 year anniversary (23 May 2007) when it was made public that Mike Ashley had bought John Hall’ shares, with a full controlling purchase of Newcastle United almost guaranteed to follow.

The Times is most definitely one of the most reliable sources on something like this BUT there are also additional factors backing up this update.

The exact same story has been also reported elsewhere.

So what you might say, the newspapers are always copying exclusives published first elsewhere.

However, the exact same report in terms of key details went up on The Mail (and I’m guessing others I haven’t seen) at exactly the same time (12.01am) this morning.

So obviously an agreement to hold off with the ‘exclusive’ and publish at exactly the same, after clearly being briefed by the same sources that are clearly viewed by both/all as being a credible people attached to one or more of the parties.

Newcastle fans are 100% correct to be cynical / sceptical and to keep the cans in the fridge for now BUT this is different to what has gone before and it would take something astonishing surely for one or both to tear up the deal now, if indeed they even can/could.

The Times actually stating one source as telling them: ‘There is no backing out for either side now’…

The Times report – Monday 20 April 12.01am:

‘The £300 million Saudi Arabian deal to buy Newcastle United from Mike Ashley is done and is now simply subject to Premier League approval.

Sources close to the deal have told The Times that a deposit has been paid and all the relevant paperwork has been signed. “There is no backing out for either side now,” one source said.

Premier League officials still have to review all the documents and that process could take three weeks.

Saudi Arabia’s Public Investment Fund (PIF) will acquire an 80 per cent stake, with Amanda Staveley’s PCP Capital Partners taking 10 per cent and the Reuben brothers the other 10 per cent.

Staveley is expected to join members of the Reuben family on the board. Yasir Al-Rumayyan, the governor of PIF, is set to become the club’s chairman.’

The Mail report – Monday 20 April 12.01am:

‘The £300million Saudi-led takeover of Newcastle United has moved a step closer after a deposit to buy the club was paid.

Sources have disclosed that cash has exchanged hands — with the remainder of the balance due when the Premier League approves the change of ownership.

It is understood that all relevant paperwork has been signed, with the process expected to take three to four weeks.’

Share

If you would like to feature on The Mag, submit your article to [email protected]

Have your say

© 2020 The Mag. All Rights Reserved. Design & Build by Mediaworks