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The Football Terrace understands that a takeover of the club by a Saudi Arabian-financed consortium is on the brink of being sealed. News of a potential breakthrough in a saga which has been ongoing since April last year arrived when it emerged Saudi Arabia had indicated it would lift its ban on broadcaster beIN SPORTS.
The Qatari network has been unable to broadcast in Saudi Arabia for the last four-and-a-half years as part of a diplomatic dispute, but the ban is set to come to an end.
Following secret negotiations that had been going on for weeks, Premier League lawyers were understood to have been working frantically to finalise the takeover in the hope of making an official announcement today. Owner Mike Ashley is set to net around £305 million from the deal and bring an end to 14 years of control at the club.
The deal would entail Saudi Arabia’s Public Investment Fund taking an 80 per cent controlling stake, with the London-based Reuben brothers paying for a 10 per cent stake, and the broker, Amanda Staveley, receiving 10 per cent for her role in setting up the deal.
The alleged piracy was one of the major stumbling blocks and the removal of that problem appears to have helped to resolve the other, the issue of the separation between the PIF and the Saudi state.
But the deal has been criticised on the grounds of Saudi Arabia’s controversial human rights record with Amnesty International previously warning the Premier League against becoming a «patsy» for Saudi attempts to sportswash its image.
Saudi Arabian officials, who have maintained for months that BeIN’s signals were not blocked, were contacted by Telegraph Sport, but were unable immediately to verify the claim that its dispute with BeIN had been settled.
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0:00 INTRO
2;00 – YVES BISSOUMA UPDATE
4:20 – NEWCASTLE UNITED TAKEOVER BOD
13:00 – ANNOUNCEMENT EXPECTED SOON
16:50 – NEWCASTLE’S ACHIEVEMENTS WILL BE UNDERMINED
32:00 – THE CROWN PRINCE WILL SPEND
36:00 NEWCASTLE WILL GET A LOT OF NEW FANS
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