Saudi investment consortium set to buy Newcastle Football Club in £340million deal

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Newscastle United’s £340million takeover could be completed within months, according to reports.

It was 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.

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