Newcastle moving closer to Saudi takeover
A Saudi takeover of English Premier League club Newcastle edged closer on Wednesday it has been revealed even as the Gulf State is reportedly set to lift ban on Qatar based beIN Sports.
The broadcaster, which holds the rights to the Premier League in the Middle East and North Africa (MENA), was banned by Saudi Arabia in 2017 at the start of a diplomatic and transport blockade of Qatar which ended in January.
A consortium featuring Saudi Arabia’s Public Investment Fund, Amanda Staveley’s PCP Capital Partners and the Reuben Brothers withdrew its offer for Newcastle in 2020 following a long wait to approve the deal.
Last December, the Premier League and beIN announced a new rights deal worth a reported $500 million for the MENA region that will run until 2025.
British newspaper reports said 19 of the 20 English top-flight clubs supported the deal, with Newcastle the only club to vote against.
The takeover could transform the fortunes of the Magpies, who have not won a major trophy since 1969.
Manchester City have won five Premier League titles in the last 10 years thanks to the backing of Abu Dhabi-based owners.
Fans have long protested against current owner Mike Ashley, who bought the club in 2007, for a lack of investment. Newcastle sit second bottom of the Premier League with no wins from their opening seven games of the season.
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A recent poll by the Newcastle United Supporters’ Trust found 93.8% of fans were in favour of the takeover.
Former Super Eagles striker Obafemi Martins it will be recalled played for Newcastle between 2006 and 2009 scoring 28 goals in 88 appearances.