Newcastle takeover deal ends chance of Saudi Crown Prince buying Man Utd from the Glazers
Newcastle United are set to be taken over by Prince Mohammed bin Salman, who allegedly held an interest in purchasing Manchester United from the Glazers.
Newcastle: ‘New ownership is the right thing for club’ says expert
Newcastle United are set to taken over by a group spearheaded by Saudi Crown Prince Mohammed bin Salman. A £300million deal to purchase the Magpies from Mike Ashley has been agreed. Bin Salman previously had an interest in purchasing Manchester United from the Glazers.
Saudi Arabia’s Public Investment Fund, controlled by Prince Bin Salman, will take ownership of 80 per cent of the shares in Newcastle. Amanda Staveley’s PCP Capital Partners will join as minority partners with 10 per cent of the shares. The remaining stake will be controlled by brothers David and Simon Reuben, who own the city’s racecourse.
The takeover is dependent upon the Premier League giving its approval after conducting checks on the buyers.
If the change of ownership is approved then it would end any hopes Manchester United fans have of Bin Salman purchasing the Red Devils from the Glazers.
The Saudi Crown Prince was allegedly prepared to pay around £3.5billion for the Premier League giants in 2018 but the Glazer family refused to sell.
The Mirror claimed in February that the 34-year-old was cooling his interest in Newcastle to make another move to take over from the Glazers, who bought the club for £790m in 2005.
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
Trending
Mohammed bin Salman's PIF are purchasing 80 per cent of Newcastle United (Image: GETTY)
"The reality is with these deals that once it gets out, if it's not done, it's probably not going to get done.
"The day someone buys Newcastle, they'll do their due diligence - and finished. It will happen like Manchester City.
"By the time the media find out, it's already complete. There's no need for a delay with Newcastle.