The Saudi-led takeover of Newcastle could be completed within the next fortnight.
The PA news agency understands the Premier League’s owners and directors test is the final hurdle to clear before the £300million deal is complete.
It is understood that despite letters being sent to the Premier League from Amnesty International and broadcaster beIN SPORTS within the last week that no one connected to the takeover has been asked questions by the league about the issues of human rights abuses in Saudi Arabia, ‘sportwashing’ or allegations of TV rights piracy linked to the Saudi state.
H.E. Yasir Al-Rumayyan, Governor of the Public Investment Fund (#PIF), explains our plans to grow the fund to $2 trillion by 2030, in an interview with @business on The David Rubenstein Show. Watch the full clip here: https://t.co/NOjydO80fa
— Public Investment Fund (@PIF_en) March 5, 2020
Managing director Lee Charnley will be leaving the club after a handover period.
Supporters can expect significant investment in the playing staff but also in other areas, though the new owners are said to be very mindful of the requirements to meet financial fair play regulations both at domestic and European level.
The current owner of Newcastle, Mike Ashley, has been paid a non-refundable £17million deposit from the new owners, with the remaining £283m due on completion.
As well as the Saudi PIF, 10 per cent of the club will be owned by PCP Capital Partners and the remaining 10 per cent by the Reuben brothers.