Mike Ashley newcastle takeover

NEWCASTLE IN FRESH £300M SAUDI-TAKEOVER TWIST AS MIKE ASHLEY SHUTS DOWN THE CLUB'S OFFICIAL STORE

have been put up for sale at least three times since Mike Ashley took over the club in 2007. In April 2020, Saudi backed Public Investment Fund, led by the Country’s Crown Prince, was linked to the acquisition of the Club.

Amanda Staveley’s company PCP Capital Partners was the consortium member of the proposed deal. A figure of 300 million Euros was the agreed sum for the transfer of ownership from the Sports-Direct owned club.

 

Newcastle Saudi Arabia

Courtesy: House of Saud / Twitter

 

THE FALLOUT

The deal was withdrawn 2-months later as the Court case surrounding the human rights infringement of the Saudi State and were ongoing. The deal if it was seen through, would have made The Magpies one of the richest clubs in the world. Rumours of the acquisition of and were already surfacing as the deal looked good to go. The withdrawal of Saudi’s PIF was a major disappointment for the NewCastle Fans.

 

 

A new turn of events suggests that the once forgotten deal may pull through this summer. Mike Ashley has shut down the club’s official stores and asked for a clean-up before the end of the month. The staff members were also made redundant. Insider reports suggest that Mike Ashley has told the staff that this is the wish of the new owners.

 

THE DEAL RESUMES

A final decision on the Saudi deal will only come through pending the decision of the High Court’s arbitration case since the collapse of the deal last summer. The progress of the case proceedings is not known as of now.

The club shop is reported to remain closed for an uncertain period until the renovation is complete. Kit supplier Puma is set to be replaced by Castor, a British owned company. Castor, whose kits are worn by Andy Murray and Scottish club Rangers, is set to sign a deal worth around 5 million Euros.

 

 

The reports from around the club suggest that all members surrounding the deal are committed to making it a reality. If the outcome of the Court proceedings is positive, the deal is set to be wrapped immediately. The 14-year long ownership of the club would then come to an end.

 

 

The Magpies currently sit six points clear of relegation in the country’s top flight. They are fighting desperately to stay in the league under the guidance of Steve Bruce.

The possibility of unlimited funds for the club from Saudi’s PIF could see a major overhaul in the personnel within the club. Big-name acquisitions and major revamp of the club hierarchy could see one of England’s oldest club challenging for the Crown in the coming years.

 

A TIMELINE 

January 25, 2020: Saudi Arabia’s PIF rumoured to bid 350 million euros for the acquisition of Newcastle United.

January 27, 2020: Mike Ashley infuriated as details of the proposed deal is leaked, demands explanation.

April 14, 2020: Documents reveal Amanda Staveley’s PCP Capital group is fronting the deal.

April 22, 2020: Sports network beIN and Amnesty International (Huma rights campaigners) warn Premier League over possible Saudi takeover.

April 30, 2020: Rumours surface with Pochettino and Mbappe linked to a move to the club.

May 26, 2020: Saudi takeover in serious doubts after reports over ‘breach of international piracy laws.’

June 26, 2020: The Newcastle bid stalled due to a 1.6 billion Euro court case with Barclays.

June 30, 2020: Premier League CEO Richard Masters says the decision over the Saudi bid will take place immediately.

July 15, 2020: Saudi bans beIN sports, Middle East’s Premier League broadcaster.

July 30, 2020: Saudi Arabia backed consortium withdraws from the bid.

April 12, 2020: Mike Ashley closes Newcastle United’s official stores and sacks its employees. A renovation of the store is rumored with Castor to be the new kit supplier.

April 13, 2020: Insider reports suggest that the Saudi deal is back on and is behind the closure of the club’s stores.

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