Newcastle United are set to complete the planned Saudi Arabia takeover now that the issue with beIN Sports has been resolved. The proposed amount of the takeover is around £300 million, and will see the 14-year ownership of Mike Ashley come to an end with a new era for the club set to begin now that they will have substantial financial backing.
The situation has been growing for the last 18 months, and is finally expected to be resolved once the Premier League gives the green signal for the completion of the change of ownership.
The team has been enduring a difficult spell on the pitch, with Steve Bruce’s men currently battling relegation in 19th place. They have struggled as a mid table team for the last few years, and are now second last in the league.
Saudi Arabia’s Public Investment Fund (PIF) is expected to complete the acquisition of an 80% stake of the club that would completely put them in power over the operations and management of the club.
beIN Sports was banned from broadcasting the Premier League in Saudi Arabia for four-and-a-half years and the situation has now been resolved. The Sports broadcasters were earlier opposed to the takeover, but are now on board with the big money operation.
Now, the new owners and directors must pass the test held by the Premier League, which was also the issue last year. Once that has been completed, the move can go through and we might see Newcastle as a much bigger entity than it is right now.