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Saudi takeover of Newcastle moves closer

A proposed £340 million takeover of Newcastle United appears to have moved a step closer, with the Premier League having been informed of a bid led by the Public Investment Fund of Saudi Arabia.

The organisation is understood to have been formally made aware of the attempt to buy out Mike Ashley, with PIF, the largest sovereign wealth fund in the world, taking an 80 per cent stake if the deal goes through. Amanda Staveley’s PCP Capital is expected to acquire 10 per cent of the club, with the remaining 10 per cent taken by Reuben Brothers, the investment body of one of Britain’s wealthiest families, who own Newcastle racecourse and have a large portfolio of properties and assets worth more than £18 billion.

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