Newcastle United's £300 Million Takeover Given 'Green Light' By Premier League
Newcastle United's huge takeover has been given the green light as the Premier League have finally approved the £300 million Saudi deal.
Premier League bosses have reportedly approved the Saudi-backed takeover of Newcastle with an official announcement expected to be made around June 1, per The Sun.
The ambitious move will mean an end to Mike Ashley's tumultuous 13-year ownership of the North East outfit, with Amanda Staveley's consortium, who are backed by wealthy Saudi's, taking an 80 percent stake.
Financier Staveley is fronting the bid but backed by Crown Prince Mohammed bin Salman.
The Saudi consortium also includes billionaire British businessmen the Reuben brothers, who will have a 10 percent stake.
There had been a delay while the Premier League chiefs focus on Project Restart as they try to resume the league amid the coronavirus crisis.
Current manager Steve Bruce, meanwhile, admits he's "in the dark" over Newcastle's potential club makeover.
"I'm in the dark like most other people, and for that, I'm glad, really, because I can't comment on it," he explained. "It's not worth talking about it as I really don't know."
He added: "If it's good for Newcastle, and the club are going to try to compete with these teams, to be part of it would be great.
"I'd love to see it, and I'd love to be part of it."