Newcastle United’s Saudi Arabian takeover is on the verge of being agreed and could even be struck today after a major breakthrough.
That’s according to BBC Sport, who claim that the Premier League could approve the takeover inside the next 24 hours.
There have been a couple of sticking points in this takeover pursuit, which has been going on for around 18 months now.
One of them was a fear that the Saudi state would be controlling the club.
However, the Public Investment Fund (PIF) have allegedly proven to the Premier League that they are providing 80% of the funds in a £300million deal.
That sees them as separate from the Saudi state, and the takeover will be approved.
Additionally, Saudi Arabia has settled their row over Premier League rights. They are removing a ban on Qatar-based beIN Sports, who own the Premier League coverage rights in the Middle East.
The Premier League were reluctant to sanction the takeover whilst knowing that Premier League games would be banned in the country of Newcastle’s ownership.
With that obstacle out of the way too, it looks like Mike Ashley is finally leaving Newcastle.
It may take a little while for everything to be completely settled, but the deal could be agreed and approved today.
That could spark an exciting new era at St James’ Park, with fans no doubt dreaming that the Magpies will become the next Manchester City-style story.
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