LONDON: A sale of Newcastle United by sports retailer Mike Ashley is a realistic prospect at long last.
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UK media reports suggest that Saudi Arabia’s sovereign wealth Public Investment Fund (PIF) is the major partner in the latest takeover bid for the Premier League club.
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The fund, which is chaired by the kingdom’s Crown Prince Mohammad bin Salman, is reportedly backing a deal alongside Dubai-based British financier, Amanda Staveley; her husband, Mehrdad Ghodoussi; and British billionaire property investors, David and Simon Reuben.
The Guardian reports that the deal, which values the Premier League club at UK£340 million (US$444.5 million), is ‘90 per cent certain’. A shell company, PZ Newco, was registered by Staveley to facilitate a potential investment on 6th January. PZ refers to Project Zebra – the codename for the planned Newcastle takeover.
Ashley could sign off on an agreement as soon as this week but is reportedly unhappy with the leak which could put the takeover in jeopardy.
It is also reported that Staveley hopes to assume a 10 per cent stake in a final agreement. The exact level of Saudi involvement is unclear.
Staveley, who has failed with bids for Newcastle before, reportedly approached the Saudis regarding investment and is seeking to be the face of the club post-takeover.
The involvement of the PIF, one of the world’s largest investment operations, is controversial due to Saudi Arabia’s abysmal human rights record, lack of women’s rights, violent media suppression and its association with Islamic fundamentalism.
If an agreement is struck, it is reported that UK£200 million (US$261.7 million) has been allocated for investment in Newcastle’s playing squad and regeneration of the city.
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