According to the Guardian, the Saudi-based consortium ‘close’ to completing a takeover at St James’ Park do NOT expect the Premier League’s owners’ and directors’ test to throw up any problems.
As a result, and with the Premier League’s approval now widely reported to be the final hurdle, the Guardian state that a buyout is considered to be a ‘formality‘ – despite Amnesty International raising concerns about the Saudis human rights record.
The piece also states that a ‘source close’ to the buying side have pointed any naysayers towards the consortium’s ‘diverse composition‘ – with them made up of the Saudi PIF (80%), UK-based Reuben Brothers (10%) and Yorkshire-born businesswomen Amanda Staveley (10%) – and suggest the Saudis’ eagerness to ‘embrace outside involvement is indicative of a Gulf country demonstrating its willingness to change and embrace 21st-century modernity;.
In addition, Louise Taylor’s piece highlights that the proposed ‘£310m’ takeover includes ‘plans to fund economic regeneration on Tyneside in addition to significant investment in club infrastructure and new players‘ – suggesting they are planning to develop all aspects of Newcastle United.
The Guardian also reveal that Yasir al-Ramayyan – the current governor of PIF – is expected to become the club’s new chairman, with Jamie Reuben (the son of David Reuben) expected to take a seat on the club’s new board alongside Amanda Staveley once he’s resigned from his current role at QPR.
More exciting claims and, most importantly of all, yet another sign that it really could be happening this time!
See below to read the Guardian’s in depth piece in full: