One of Britain's most well-known football clubs may soon become the latest Premiere League team to be bought up by oil rich Gulf states. A takeover bid for Newcastle United by none other than an investment fund belonging to Saudi Crown Prince Mohammed Bin Salman is reported to be nearing completion.
Documents filed with Companies House indicate a $373 million deal between St James Holdings Ltd, which owns Newcastle United, and Staveley's PCP Capital Group have been singed. Though Saudi Public Investment Fund (PIF) is reported to be the main owner with 80 per cent of the club's shares, its name was not mentioned in the documents.
Sky Sports reported that PIF, controlled by the Saudi Crown Prince will hold 80 per cent of the club's shares, while Amanda Staveley will hold ten per cent of the shares.
British basewomen Staveley was credited with being the key middleperson in UAE royal Sheikh Mansour's takeover of Man City from Thaksin Shinawatra in 2009.
Though the deal needs ratification from the Premier League there are no indications that it will be blocked.
That said a deal between the owners of Newcastle United and Abu Dhabi's billionaire Sheikh Khaled Bin Zayed Al Nahyan failed to go through.
The Saudis have been eyeing opportunities to buy the club for a while. Initial talks between the Saudis and Newcastle United were reported early this year.