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Mohammed bin Salman’s investment group plan to take 80% ownership of Newcastle United edges closer.

by Apr 15, 2020Sports0 comments

Mohammed bin Salman's investment group plan to take 80% ownership of Newcastle United edges closer.
Mohammed bin Salman’s investment group plan to take 80% ownership of Newcastle United edges closer.

An attainable takeover of Newcastle United by a group fronted by British financier Amanda Staveley with Saudi Arabian backing appeared to be moving closer to completion on Tuesday.

A 31-page charge agreement filed with Companies House and signed by Staveley for PCP Capital Partners and a lawyer for St James Holdings Ltd indicated a framework for a deal was being put in place.

There was no mention in it, however, of the Saudi Public Investment Fund (PIF) – Crown Prince Mohammed bin Salman’s key investment vehicle – which has previously been reported as the prospective majority shareholder. Media reports stated the group would take an 80 percent shareholding should the deal go through.

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British billionaire Mike Ashley, who made his fortune from sportswear retailer Sports Direct (Frasers Group), has owned United since buying it for 134 million pounds in 2007. He first tried selling the club in 2008, sparking fury among fans, many of whom never forgave him for the sacking of club legend Kevin Keegan.

Sky reported that the Saudis would hold 80 percent of the shares, while Staveley would take 10 percent and play a key role in the running of the club. The other 10 percent would be held by billionaire brothers David and Simon Reuben.

Three years ago, PCP made an offer for a reported 250 million pounds but the talks broke down. Read Here

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