Newcastle United takeover live: Announcement coming today as Jason Wilcox was targeting the role
NSHello and welcome to a potentially seismic day for Newcastle United Football Club.
Telegraph Sport He realizes that the club’s takeover by a Saudi-funded federation is about to end. News of a possible breakthrough in the saga has been going on since April last year when it emerged that Saudi Arabia had indicated that it would lift the ban on beIN SPORTS.
The Qatari network has not been able to broadcast in Saudi Arabia for the past four and a half years as part of a diplomatic dispute, but the ban is close to ending.
After weeks of secret negotiations, it was understood that Premier League lawyers were frantically working to finalize the takeover in hopes of making an official announcement today. Owner Mike Ashley is set to earn around £305m from the deal and end 14 years of control at the club.
The deal involves the Saudi Public Investment Fund taking 80 percent of the controlling stake, with the Robin brothers in London paying for a 10 percent stake, and broker Amanda Staffeli, getting 10 percent for her role in creating the deal.
The alleged hacking was one of the main obstacles and it seems that removing this problem helped solve the other problem, the issue of separation between the Public Investment Fund and the Saudi state.
But the deal has been criticized on the grounds of Saudi Arabia’s controversial human rights record, with Amnesty International earlier warning the Premier League was getting “shoddy” to Saudi attempts to wash its sporting image.
Saudi officials have been contacted, who have maintained for months that BeIN signals have not been blocked Telegraph SportHowever, it was not immediately able to verify the claim that its dispute with BeIN had been settled.
Stay with us for the latest news and developments throughout the day.