Newcastle owner Mike Ashley has agreed to sell the club to a Saudi Arabia-backed consortium in a £300m deal.
The group, assembled by financier Amanda Staveley, and also including the mega-rich Reuben brothers (10 percent), will now have their credentials examined by the Premier League.
Initially, the Englishman wanted to sell the club in his tenth year in charge after taking over in 2007 for £340m but a culmination of factors plundered that deal.
The tycoon’s 13-year ownership of the Tyneside club is close to an end, with the Public Investment Fund of Saudi Arabia led by Crown Prince Mohammed bin Salman taking an 80 percent stake.
A deal could be finalized in a month, before football’s lockdown ends.
Ashley bought Newcastle for £133m in 2007 and has a £110m interest-free loan helping finance the club.
The Premier League has also been informed of the potential deal and is understood to have begun the process of carrying out checks under its owners and directors test.
Newcastle fans cited a lack of ambition and also criticized his conduct during the coronavirus pandemic where the club has charged fans for next season’s season tickets.
Hopefully, fans of the Toon setup will see their side come back to its glory days after the latest developments, which will see the club enjoy high level fianacial investment.
