Saudi Arabia moves closer to buying Newcastle United for US$430 million
Newcastle United owner Mike Ashley is reportedly in final talks to sell Newcastle United, with the Saudi Arabian Public Investment Fund putting up most of the cash.
In January, Ashley was rumoured to be in talks to sell the club for a cool US$430 million.
That sale moved a little closer to reality, as legal documents for the takeover were lodged with the UK’s regulator of companies.
However, several other bids to buy the club from Ashley over the years have come to nothing. Those include a 2017 proposal by Amanda Staveley’s PCP Capital Partners.
After the highly publicized collapse of talks with Staveley, Ashley said all future negotiations would take place in private.
The Wall Street Journal suggests that the Saudi group was backed primarily by Crown Prince Mohammed bin Salman’s wealth fund, and has been in talks since January.
The purchase would be a major development in Saudi Arabia’s participation in world sport.
Recently, The Kingdom staged a heavyweight fight between Anthony Joshua and Andy Ruiz, and it was recently announced that Saudi Arabia was building a Formula One racetrack with plans to stage a Grand Prix in 2023.
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