Saudi Arabian sovereign wealth fund is poised for a £300 million takeover of Newcastle. According to official reports, the Arabian buyers have already made deposits to ensure the completion of the deal.
Current chairman of the club, Mike Ashley has disclosed that both parties have exchanged hands in form of a deposit paid by the Arabian purchasers. Paper works have been signed but the completion process is expected to take three to four weeks. Including the approval of the premier league as the club’s new owners.
Yasir Al-Rumayyan is set to become the new chairman of the club. The potential chairman is the Governor of the Saudi Arabian Public Investment fund (PIF), the chairman of Saudi Aramco – the largest oil company in the world and also sits as a board member in uber.
Should all go ahead as planned, the Saudi sovereign wealth fund will become the new majority owners at St James’ Park, holding 80 per cent of the club along with 10 per cent splits for financier Amanda Staveley and property tycoons David and Simon Reuben.