Amanda Staveley behind Saudi backed £350M Newcastle takeover bid

Posted Sunday, January 26, 2020 by Tribalfootball.com

Amanda Staveley is behind the fresh takeover move for Newcastle United, it has been reported.

The Financial Times reports Saudi Arabia's sovereign wealth fund is in talks to acquire English Premier League football club Newcastle United for just under £350m, becoming the latest Middle Eastern investor to seek entry into the world's most popular sport.

The deal is being brokered by British financier Staveley with almost all of the funding coming from the Public Investment Fund, controlled by Saudi crown prince Mohammed Bin Salman, according to people familiar with the discussions.

The club is owned by UK retail magnate Mike Ashley, who was asking as much as £400m from potential buyers earlier this month, according to a person familiar with the talks. People close to the talks added that the PIF-backed investment group was seeking to acquire Newcastle for between £340m-£350m.

The group has earmarked a further £200m for investment in the club. There is no certainty a deal will be reached. One person close to the talks said they had been on and off for months, with discussions heating up again in recent weeks. An earlier iteration of talks between Mr Ashley and Ms Staveley collapsed in acrimony two years ago after a cash offer of £250m was rejected.