JIB brings you all you need to know about the takeover of the St James' Park club and the players they could sign
Newcastle United could soon have new owners, with a £300 million ($375m) takeover bid under way to take the Premier League club out of the hands of the notorious Mike Ashley.
Magpies fans have been agitating for a change of owner for years now, having witnessed two relegations under Ashley's stewardship, with a feeling of frustration festering among devotees of the Tyneside club.
Ashley is all too aware of that sentiment and he placed the club up for sale back in 2017. After some false starts, it appears that he may now have found a buyer, with the Premier League being informed that the process is close to completion.
So who is buying Newcastle from the Sports Direct boss and what are their plans? Goal brings you everything you need to know about the prospective takeover.
Who is buying Newcastle United?
Saudi Arabia's Public Investment Fund (PIF), which is headed up by Crown Prince Mohammed bin Salman, is the main mover behind the bid to purchase Newcastle United from Ashley.
It has been reported that the takeover plans will see the Saudi PIF acquire an 80 per cent stake in the club. The remaining 20% will be split between Amanda Staveley's PCP Capital Partners (10%) and British businessmen, the Reuben brothers (10%).
The PIF is Saudi Arabia's sovereign wealth fund, which invests in various different projects around the world. PCP Capital Partners is a venture capital company and the Reuben brothers - David and Simon - are primarily in the property investment sector.
If the takeover of the club goes ahead, Yasir Al-Rumayyan is in line to become Newcastle chairman, according to the Evening Chronicle. Al-Rumayyan, who is also involved with Saudi Aramco, Uber and SoftBank, will be joined on the club board by Staveley.
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