Saudi Arabia to take over Newcastle United
Saudi Arabia has come close to completing a £300m deal to take over Newcastle United Football Club. Companies House data has shown the name of the likely new director.
Bander bin Mogren, the chief operating officer of Saudi’s Public Investment Fund (PIF), has been listed among the directors of NCUK Investment Ltd., a company formed to expedite the transfer of shares from the club’s current ownership.
The PIF, a body chaired by Crown Prince Mohamed bin Salman, would own 80 percent of the club’s shares with the remainder split evenly between the Reuben Brothers and PCP Capital Partners.
A non-refundable deposit of £17m has been paid to Mike Ashley, the existing owner of the club with a further £283m to be paid when the process is finished.
Saudi Arabia has expanded its role in international sport. The kingdom was recently host to Anthony Joshua’s much-publicised heavyweight boxing world title rematch with Andy Ruiz Jr. The kingdom also intends to host the F1 Grand Prix in 2023.