All You Need To Know About The New Castle United FC Takeover
NEWCASTLE UNITED’S TAKEOVER REPORT
According to recent reports the ownership of Newcastle United has changed hands.
The rumours about the exchange has been brewing for about two years now but there hasn’t been any conclusions due to the English Premier League’s intervention and the Public Investment Fund’s (PIF) need to prove itself to be separate from the Saudi state due to alleged piracy and human abuse by Saudi Arabia. The SUN has reported that the PCP Consortium is set to take over the English club very soon.
Mike Ashley, the former owner of the club has owned the club since June 2007, after purchasing 41.6% of the club’s shares for about £55,000,000 which according to the UK take over law, gave him the right to buy the remaining shares. He later acquired the former Newcastle Chairman – Freddy Shepherd’s 28% share and on July 7th, bought the whole club for a combined fee of £134,000,000.
The Sports Direct boss has however done away with the club and according to some reports, in the next 24hours. The buyers are the PCP Consortium, which is made up of three different bodies, namely the PIF, Amanda Staveley’s PCP Capital Partners and the Reuben brothers.
The PCP Consortium has been said to have presented about £300,000,000 which almost triples what Mike Ashley paid for the club in 2007. About 80% of the money used in buying the club is however provided by Saudi Arabian Public Investment Fund (PIF), who were the reason for the hold up is the deal due to allegations towards Saudi Arabia for Piracy against beln Sports, but it has been reported that Saudi Arabia has lifted it’s restrictions against beln Sports so the negotiations has continued.
The Reuben brothers who are one of the entities in the buy are said to be the second richest UK family. Newcastle might currently have the richest owners in the English Premier league which will definitely tilt the balance of the top six clubs, but that news isn’t good for everyone involved in the club as Newcastle current manager – Steve Bruce might not have long to stay at the club due to the club’s recent bad performances and with the influx of wealth, the English club would definitely look to boost it’s ranks with talented players and a good coach.
The deal which was at a crucial stage has according to trusted reports, been announced to have gone through today been 7th October, 2021 and the new owners of Newcastle United are officially the PCP Consortium. The English side are expected to progress in the coming years and according to some pundits, even compete for trophies like the Premier League and the Euefa Champions League