Newcastle sale update: Another step closer for Amanda Staveley’s takeover
Amanda Staveley is edging closer to the takeover of Newcastle as “PCP Partners lodges paperwork to Premier League”.
Sky Sports is reporting PCP Partners, Saudi Public Investment Fund (PIF), and Amanda Staveley are moving with pace and direction in the £300m purchase of Newcastle United. The 13-year reign of owner Mike Ashley over the Toon side club is about to come to an end quite soon.
The deal is said to be at the “formal checks” section. The potential buyers “must pass a Premier League Owners’ and Directors’ Test”. As per Sky, the issue lies with Staveley’s Saudi Public Investment Fund (PIF) regarding humanitarian rights. However, it is also said this should not get in the way of the sale being completed.
"PCP Capital Partners has moved a step closer to buying Newcastle United by lodging paperwork with the Premier League, with concerns over Saudi Arabia’s human rights record unlikely to derail the proposed £300m deal.The Premier League began mandatory background checks earlier this week on those involved in Amanda Staveley’s Saudi-backed consortium, which includes Saudi’s Crown Prince, Mohammed bin Salman."
The Premier League Owners’ and Directors’ Test
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The test involves many checks to see if all associated with the purchase of the club are doing things by the book and have not taken any shortcuts in life. They will be searching through all of the paperwork with a fine comb.
Why? Well, it’s a standard procedure and because of all the recent problems faced with Man City and their illegal doings, that’s come to surface. Leeds potential buyers were also scrutinised when lodging their fine print pages. Their deal is yet to be finalised and has hung incomplete for a few months now.
Apparently, the buyout discussion has taken place over the last 12 months giving us reassurance it’s not fake news. It received the codename “Project Zebra” for that extra bit of care and confidentiality.
This also lets us know, it’s not the trap usually laid by Mike Ashley to get the fans excited for nothing. No matter how long the deal takes to be completed and as long as it is completed they are happy. This is the feeling we get from the Newcastle folk.
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A couple of days ago it was said the deal is moving along swiftly, and the paperwork (Premier League Owners’ and Directors’ Test in discussion now) was next the step to overcome for the long-awaited sale of the club from St. James’ Park.
The full story of Newcastle takeover here: Sky Sports