Newcastle Takeover Approved as £300m deal is set to happen

Saudi crown prince Mohammed bin salman is leading the consortium in the takeover bid of Newcastle united

The top chiefs have reportedly approved the takeover of Newcastle United, with an announcement expected around June 1

A proposed 300m deal take over of Newcastle United by a Saudi backed consortium has reportedly been approved.

This will signal the end of Mike Ashley’s 13 year ownership of the club, with the public invested fund of Saudi Arabia – led by the crown prince Mohammed bin salman taking an 80 percent stake.

The Saudi consortium, assembled by financier Amanda staveley , also includes billionaire British businessmen the Reuben brothers , who will have a 10 percent stake.

It is reported by THE SUN that their bid had been given the go ahead , with just the transfer of funds still to be sorted. 

The publication reports that there has been a delay in assessing the application while premier league chiefs concentrated on project restart.

There had been some opposition to the bid with critics highlighting Saudi Arabia’s poor human rights record and allegations of links to illegal streaming of sporting events including football matches. 

But the bid has now passed the league’s fit and proper persons test for owners and directors the sun reports.

Many fans will however be happy about this as they can’t wait to see the end of Ashley’s reign.

Adebayo Oduwole tweets via @adebee_oduwole

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