The Newcastle United takeover process is taking a long time to reach a conclusion and quite naturally the fans are getting nervous and anxious.
A deal in the region of £300 million has been agreed between Mike Ashley and the Newcastle potential owners. The deal has been agreed, while the potential new owners have signed a contract as well.
The would-be new owners – Amanda Staveley’s consortium — comprising her company PCP Capital Partners (10 per cent), the billionaire Reuben brothers (10 per cent) and the 80 per cent majority stakeholding of Saudi Arabia’s Public Investment Fund (PIF) – have done their part, and are awaiting the official confirmation from the Premier League.
There are objections of human rights violations and piracy against the Saudi consortium. Last week, MP Giles Watling and MP Karl McCartney have called for a thorough review over concerns of piracy in Saudi Arabia.
However, according to UK culture secretary Oliver Dowden, the government will not interfere in the process.
The Chronicle reports that the would-be owners have been told of no hold-ups as far as their proposal to Mike Ashley is concerned.
“The first thing is for the Premier League to conduct a fit-and-proper-person test. They do that for anyone looking to take over clubs in the Premier League,” said Dowden.
“It’s right that we allow the Premier League to conduct that. It is for the Premiership. It is for the Premier League to make that assessment.”
The news will come as a massive boost for the Newcastle fans, as many feel that if the country’s own government finds nothing suspicious to intervene on, why would the Premier League prevent them especially when the owner’s and director’s test process is close to the end?
