Newcastle united takeover news
Newcastle United takeover news! Here's a summary of the latest updates:
Latest Development: The Saudi-led consortium, led by Public Investment Fund (PIF), has reportedly agreed to increase its bid for Newcastle United to £300 million, which is £50 million more than the initial offer. The deal is still pending approval from the Premier League and the UK government.
Background: The takeover bid was first announced in April 2020, with the consortium led by PIF, Saudi Arabia's sovereign wealth fund, and led by Amanda Staveley, a British businesswoman. The deal has been delayed due to various issues, including concerns over human rights in Saudi Arabia and the Premier League's owners' and directors' test.
Recent Updates:
- Premier League Meeting: The Premier League's owners' and directors' test committee met on January 25 to discuss the takeover bid. The meeting was reportedly "constructive," and the committee is expected to make a decision soon.
- UK Government Involvement: The UK government has been involved in the process, with concerns over human rights and the potential impact on the country's national security. The government has reportedly given the green light for the deal to proceed, but the Premier League still needs to approve it.
- Staveley's Statement: Amanda Staveley, the lead negotiator for the consortium, has reiterated her commitment to the takeover and expressed confidence that the deal will be completed soon. She has also emphasized the benefits the takeover would bring to the club, including increased investment and improved facilities.
- Newcastle United's Response: The club has remained tight-lipped on the takeover, but its managing director, Lee Charnley, has expressed his support for the deal, stating that it would be a "game-changer" for the club.
What's Next:
- Premier League Approval: The Premier League is expected to make a decision on the takeover bid soon. If approved, the deal would be subject to a 28-day cooling-off period before it can be completed.
- UK Government Approval: Although the UK government has given the green light for the deal, it still needs to formally approve the takeover.
- Completion: If both the Premier League and UK government approve the takeover, the deal is expected to be completed, and the new owners will take control of Newcastle United.
Stay tuned for further updates on this developing story!