Newcastle United are reportedly edging close to a takeover!
The crunch of the information is as follows:
PCP Capital + Saudi Wealth Fund are in advanced talks to complete the takeover of NUFC, and a deal has been agreed. Relevant filing has also been done at the Companies House. 80 percent of the ownership of NUFC to be with the wealth fund, 20 percent with PCP Capital which is driven by Amanda Staveley.
This is to be an all-cash deal. Mike Ashley bought the club for about £133m in 2007 and will be selling at £300m.
The finer points of the deal include:
Filings at the Companies House reveal so to sell Newcastle United Football Club (NUFC) to the Public Investment Fund of Saudi Arabia run by crown prince Md. Bin Salam and PCP Capital Partners in an all-cash deal.
2. The former will hold 80 percent while the latter will hold 20%
3. The figure of this deal is worth about £300m, about £50m lower than owner Mike Ashley’s demanding price for the club — who had put the club for sale for the past 2 years.
4. Ashley had purchased Newcastle for a sum of £133m in 2007 and saw Newcastle get relegated twice in that time.
Ashley also turned down Amanda Staveley’s previous offer of £250m in 2018.
5. PCP Capital is fronted by British financier Amanda Staveley — who had orchestrated the Sheikh Mansour’s takeover of Manchester City in 2008 and had herself attempted to takeover Liverpool before Fenway Sports came in.
6. To give you some perspective on what this means, Amanda Staveley is will own 10 percent of NUFC while David and Simon Rueben are going to own a further 10 percent while Saudi Investment Fund will own 80 percent.
David and Simon Reuben are worth £18 billion themselves and would themselves be one of the richest owners in the Premier League, in addition to that there is the riches of Crown Prince Bin Salman.
7. Of course, the owners have to pass the “Fit and Proper Persons Test” of the Premier League to sign off on the deal
8. The upfront payment is £150m while the consortium will pay the remaining £150m in installments.
See More: Newcastle United Players Salaries 2020 (Weekly Wages)
