Newcastle Acquisition: Saudi Arabia-Backed Deal is Imminent
A Saudi Arabian takeover of Newcastle United is close to being agreed.
The Premier League approval could come in the next 24 hours after a consortium proves that the Saudi state would have no control over the Newcastle.
Instead, the Public Investment Fund (PIF), which is set to provide 80% of the funding for the £ 300m deal, is being viewed as separate from the state, allowing the acquisition to test the owners and directors of the Premier League.
A solution was believed to have been reached after Saudi Arabia settled an alleged piracy dispute with Qatar-based broadcaster beIN Sports, which has the rights to broadcast Premier League matches in the Middle East. However.
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sources have told BBC Sport that an agreement was reached between the Premier League and the consortium before the news broke Wednesday, and that the two parties will be subject to arbitration on Jan. 3.
The state of Saudi Arabia is accused of human rights abuses, but since the majority owner sees PIF as a separate entity, this and any piracy problems are no longer an obstacle to a takeover in the view of the Premier League.
The shocking news will delight the fan base after a poll by the Newcastle United Supporters’ Trust on Tuesday found that 93% of members were in favor of the takeover.
Many fans want current owner Mike Ashley to leave the club after a 14-year tenure that they believe has been plagued by a lack of investment and ambition.
The Premier League and Newcastle declined to comment.