Saudi PIF Newcastle United takeover to be completed in June as delay just due to ‘timing’ – Report
The Newcastle United takeover is set to be completed by the end of the month.
That is what an exclusive from The Independent is reporting on Thursday morning.
The report says that those bidding to buy Newcastle United now understand that they will received takeover approval ‘in the next few weeks’, with control of the club changing hands by the end of June.
The Newcastle United takeover has now been with the Premier League for nine weeks now but The Independent say that those bidding to buy the club aren’t worried about the deal being blocked. The understanding is that the delay has been down to ‘timing’ rather than a possibility of failing the owners and directors test, that extra hold up in the main due to the Premier League dealing with the restart of the 2019/20 season.
A second part of the newspaper’s exclusive deals with spending plans.
They say a source close to the bidding consortium has told the paper that: ‘Newcastle is not about to become the richest club in the world. Newcastle will have very rich owners but that does not mean massive spending.’
Instead the source states that: ‘This takeover is based on strict investment criteria.’
For Newcastle fans, the overwhelming priority has always been to see Mike Ashley replaced by a credible ambitious new ownership, who will treat the club and fans with respect. Any extra investment after buying the club would always be seen as a bonus.
Obviously supporters want to see the club be as competitive as possible on the pitch.
However, there is a clear belief from fans that Newcastle United could generate far more revenue under new owners, compared to the current situation under Mike Ashley.
Even if it wasn’t a money no object project (as has been popularly reported), the new owners would all but certainly see the need to investment money early on to kickstart things.
An embarrassing minimal amount has been allowed to be spent in the past 13 years on the Academy, training complex and St James Park, all of which would see NUFC benefit from new owner investment.
At Liverpool, the owners have shown that it is about so much more than just spending money, that it is vital to have the best people running things both on the football and business side.
Safe to say that Newcastle United need far better than Lee Charnley (and Ashley Sports Direct lackeys such as Justin Barnes) and Steve Bruce.
The Liverpool ownership model has seen investment in the club early on to help stimulate success, whilst of course Jurgen Klopp’s appointment was a masterstroke.
By investing and helping to make the club successful on the pitch, the Liverpool owners are now sitting on an asset worth far far more thana when they bought it.
The Independent quoting ‘a source close to the consortium’ bidding to buy Newcastle United:
“Newcastle is not about to become the richest club in the world.
“Newcastle will have very rich owners but that does not mean massive spending.
“Even if the environment was the same as when Roman Abramovich bought Chelsea in 2003 or Abu Dhabi went into [Manchester] City five years later, things would still be done differently.
“This takeover is based on strict investment criteria.
“Even if there were no financial fair play (FFP) rules in place, spending would be sensible.”
Interestingly, the newspaper also say that they have had explained to them by ‘the Staveley camp’ why the Saudi PIF aren’t buying Newcastle United in its entirety.
The explanation is that as it is a ‘strictly commercial deal’, the Saudi bidders want to share the investment risk, with Amanda Staveley’s company and the Reuben brothers (second richest family in the UK) having 10% each and the Saudi PIF 80%.
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