NEWCASTLE UNITED’S £340million takeover could be completed within months, according to reports.
SunSport reported earlier this year that Saudi Arabia’s Crown Prince Mohammed bin Salman had entered talks to buy out controversial owner Mike Ashley.
Newcastle had been subject to previous but unsuccessful takeover attempts from the likes of Amanda Staveley and Peter Kenyon.
But Ashley has now decided to end his 13 years in control on Tyneside.
It was reported that the takeover is “90 per cent certain” after a shell company created by Dubai-based financier Staveley was registered to facilitate the deal.
The Daily Telegraph now claim a deal is near completion after the Premier League was informed a bid from a Saudi Arabian consortium including billionaire brothers David and Simon Reuben.
The report adds that the Public Investment Fund would own 80 per cent of the club with a further 10 per cent belonging to Staveley’s PCP Capital.
The Reuben Brothers – whose family are worth an estimated £18.7billion – own Newcastle racecourse and will acquire the final shares.
After being informed of the bid, the Premier League will now make the necessary checks to ensure funding is in place.
Although that process may be held up for at least a month as England’s top-flight attempts to deal with the coronavirus crisis.
The consortium has been codenamed Project Zebra, with the black and white striped animal referring to the planned takeover of Newcastle.
It has been previously claimed that any deal would include David’s son Jamie Reuben getting an executive role at St James’ Park.
SunSport exclusively revealed that a return for Rafa Benitez is also being targeted as part of the takeover plans.
While other reports circulated that Bin Salman may still attempt to pull off a multi-billion pound takeover of Manchester United.
Some 91 per cent of Red Devils supporters told a SunSport poll that he would be more welcome than the Glazer family who currently run the club – and are highly reluctant to sell.
Any team that Bin Salman purchases can expect a whole host of stars to follow him with the Saudi royal family’s investment fund worth as much as £1trillion, of which the 34-year-old possesses £3bn.
