Newcastle takeover done and awaiting Premier League approval
According to Jim White of talkSPORT, the proposed Newcastle United takeover has been finalized and is now awaiting approval by the Premier League
PCP Capital Partners being headed by Amada Staveley have brokered the £300m deal under the backing of the Saudi royal family’s Public Investment Fund.
Newcastle owner Mike Ashley and PCP have entered into a binding agreement after terms were agreed last week amid the payment of a deposit. All the necessary documents have been sent to the Premier League as the end of Mike Ashley’s controversial 13-year tenure as owner of the Magpies draws to a close.
The Saudi group is funded by Crown Prince Mohammed bin Salman and has assets worth more than $340BILLION. In a chat with talkSPORT. Jim White said: “This has been fast-moving for a while and a £300m deal is all but done.
“All it needs is a tick in the box from the Premier League. They have the documents and it’s all subject to approval now.
“It’s virtually over the line but the coronavirus pandemic understandably slowed things done.
“Both parties exchanged last week, it was all kept very quiet. There is a legal binding agreement in place now.
“It looks increasingly likely that Mike Ashley’s tenure is coming to an end.”
White added: “My understanding is that Ashley will receive the £300m as a lump sum.
“A five per cent deposit has already been put done. Things are much further down the line that it’s been indicated.”