A report originating in the Middle East has thrown some light on ‘a few small details’ that are holding up takeover of Newcastle United by the Public Investment Fund of Saudi Arabia, PCP Capital Partners and Reuben Brothers.
The Premier League owners and directors test is currently undegoing due diligence, with all three parties on the buyers side having put forward prospective directors to form the new-look Newcastle United board.
Yasir Al-Rumayyan is believed to be one, so too is current QPR director Jamie Reuben and Amanda Staveley who could also be a member of the United board as she is understood to have been given the mandate to run the football club by would-be majority shareholder PIF.
While the perceived delays have United fans in a dither, those involved in the deal remain calm, confident that no suggestions put forward by the Premier League are likely to see the deal come crashing down at the final hurdle.
Following the regulatory approval, the transfer of funds is the last stage of the deal to be completed.
A report from a website called House of Saud, who purportedly claim to be an information source about the kingdom’s royal family and their dealings, has put forward an explanation as to why the deal is yet to be completed.
It reads: “The impending announcement of the PIF’s takeover of Newcastle United was delayed from the planned date of Monday over a few small details. The PIF, Newcastle United, and the Premier League each have a complex set of regulations and requirements. This has led to due diligence being drawn out on the part of the Premier League, exacerbated by the current lockdown in both the UK and KSA, but we can report that terms including figures are agreed and the deposit has been completed.”
The report goes further claiming no obstacles are in the way of the deal – and no likely sanctions will be placed on the new owners.
It continues: “Speculation regarding a potential one-off embargo against the PIF and Saudi Arabia being imposed by the Premier League is untrue, and we can report that the Saudi Finance Minister (Mohammed Al-Jadaan) has received no indication of any such issues or obstacles with regard to the takeover of Newcastle United.”
Speculation has been rife on Tyneside following the news of the takeover breaking last month.
Mauricio Pochettino and Rafa Benitez are the hot names believed to be on the managerial shortlist while players such as Phillipe Coutinho have also been linked with the club.
The report claims United have drawn up a “dream list” of players, with some of European football’s biggest names on said list.
“The new owners have a “dream list” of players, including some of Europe’s biggest names, which they see as crucial to bringing the club’s results and achievements to the highest level,” it reads.
“The Newcastle United board are confident they will be able to announce the deal formally within, at most, the next week.”