All parties are hopeful an announcement can be made today confirming the takeover of Newcastle United.
Sky Sports News has been told the Saudi-led consortium, the Premier League and Newcastle are working hard to get the deal completed and announced as soon as possible.
There was hope and speculation it was going to be announced on Wednesday night but certain details still needed to be agreed.
There is no guarantee it will be announced on Thursday but the parties are hopeful and working around the clock to get it finalised.
There is now hope the 18-month saga surrounding Newcastle’s ownership is close to being over.
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The takeover will involve Saudi Arabia’s Public Investment Fund (PIF) taking a controlling 80-per-cent stake and will bring to an end Mike Ashley’s controversial 14-year ownership of the club.
The Saudi-led consortium previously withdrew from the deal in July 2020 after the Premier League identified the Saudi stake as a director with control over the club, which would have made it subject to the league’s owners’ and directors’ test as part of the takeover process.
However, the Saudi state removed a significant barrier to the takeover when it resolved its issues with beIN Sports over the illegal streaming of Premier League football on Wednesday.
The Qatari network beIN has been unable to broadcast in Saudi Arabia for the last four-and-a-half years as part of a diplomatic dispute, but the ban is now set to come to an end.
The station had been opposed to the Newcastle takeover, saying the ban and piracy of its content was damaging sports rights holders.
‘Consortium wants to invest in January window’
Sky Sports News’ North East Reporter, Keith Downie:
“The major development this morning is that it could be announced later on today.
“All parties – Newcastle, the Premier League and the consortium themselves – are working around the clock to push this takeover through in time for them to have the keys for St James’ Park for the next game against Spurs, after the international break.
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“The deal is edging closer – some big movement overnight – and the announcement of a £300m takeover by a Saudi-backed consortium could be announced later on today.
“It’s the news all Newcastle fans want to hear. The supporters have been desperate for a change for some time. Some were here last night, beeping their horns, trying to get a flavour of what was happening. Were they allowed to dream?
“It’s the Sovereign Wealth Fund of Saudi Arabia having an 80-per-cent stake in Newcastle.
“It’s big money, they have a lot of money to spend, though obviously, they’re going to be guided by FFP (Financial Fair Play rules).
“The information we were told all along since they came to the table a few years ago was that they were going to do this gradually. They’re not going to throw money at it straight away, they wanted to invest gradually.
“There’s a lot that needs improving at this football club – the infrastructure, the stadium, the academy.
“I think the infrastructure will be their priority – the other priority of course is keeping Newcastle in the Premier League so I do expect them to spend money in the January transfer window. There will be a decision to make about the manager as well.”
Newcastle takeover: All parties hopeful of announcement today
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