Newcastle fans were jubilant when the news of the takeover of their club broke out. But for now, there won’t be a takeover.
Saudi Arabia’s Public Investment Fund was ready to pay £300 million to Mike Ashley in a sensational deal. But there were delays of the deal, and there was doubt if the new owners could pass Premier League Owners’ and Directors’ test. It has been four months since the news of the proposed takeover broke out, and Premier League hasn’t given green light on the deal.
A consortium, which included Saudi Arabia’s Public Investment Fund (PIF), PCP Capital Partners, and the Reuben Brothers, had agreed a deal to buy the club from Ashley in April.
From the club, there is news that Mike Ashley is still “100% committed to the deal. The main figure in brokering this deal was Amanda Staveley, the woman that brokered the purchase of Manchester City. She said that this was an “awful decision” by Premier League. She pointed out that the new owners would invest much money not just in the club, but also in the Newcastle area.
All of this means that there is still hope of this deal. Newcastle had a great season with Steve Bruce at the helm. They finished mid-table and promoted some young players. But with Saudi consortium at the helm, “Magpipes” could become completely different club.
They could invest much money, and become a powerhouse like Chelsea and Manchester City.