By Gavin Gibbon
PCP Capital Partners, headed by Amanda Staveley, have brokered the $377m deal which is being backed by Saudi Arabia royal family's Public Investment Fund
Saudi investors in a potential move to buy English Premier League outfit Newcastle United will be hailed as “heroes” if the sale is given the go ahead, according to the influential Newcastle United Supporters’ Trust (NUST).
It was announced last week that a £300 million ($377 million) takeover of the club had been finalised and is just awaiting approval from the Premier League.
PCP Capital Partners, headed by Amanda Staveley, have brokered the deal which is being backed by Saudi Arabia royal family’s Public Investment Fund (PIF).
Any sale would bring to an end the 13-year tenure of current owner and controversial businessman Mike Ashley, who has overseen some of the most turbulent times in the club’s 128-year history, during which fans have endured two separate relegations, bouncing back to England’s lucrative top flight on both occasions.
NUST board member, Peter Maughan, who admitted he hadn’t been to St James’ Park to watch his beloved Magpies this season, told Arabian Business: “If you’re part of this consortium and we believe the Saudi Arabians are putting the vast amount of money in, first of all I can tell you, that they will walk into St James’ Park and they will be heroes; they will be heroes immediately, because they have ousted Mike Ashley, as far as the supporters and city is concerned.
“They’ve got rid of him. They’ve done what we’ve been trying to do as fans for 13 years.”
According to reports, 80 percent of the deal would be funded by Saudi Arabia's Public Investment Fund with Staveley providing 10 percent and the other 10 percent coming from British billionaire brothers David and Simon Reuben.
The prospect of deep-pocketed owners, particularly at a time when most other clubs will be cutting back due to the economic crisis caused by coronavirus, is an alluring one for the Magpie faithful.
Maughan added: “They’re (Saudis) not short of a pound or two, although that doesn’t mean they’ll be investing it all in Newcastle United. They’re the right sort of people in terms of financial status and they’re keen. We know they’ve tried to invest in a number of Premier League clubs, so they’re not died-in-the-wool Newcastle United fans, but they want to own a football club. You couldn’t own a more exciting club than Newcastle United.
“We’re not doing very well, but we know we can and every step of the way there will be 50,000 screaming local people supporting them.”
The would-be owners are now waiting for the all-clear from Premier League chiefs before the deal can be rubber-stamped.