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Newcastle United set to be sold - Ashley set to pocket just under $600 million

16 Apr 2020
Bets.com.au Staff 16 Apr 2020
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  • Amanda Staveley leading a bid that includes Saudi Arabia's sovereign wealth fund
Mike Ashley
Newcastle's owner Mike Ashley is set to sell the club (Getty Images)

Newcastle United set to be sold for $592 million

A Newcastle United takeover is edging closer after new documents revealed that club owner Mike Ashley has agreed to sell the club for just under $600 million AUD.

Staveley is believed to want a 10 per cent stake in Newcastle, she first attempted to buy the club in 2018 and is now head of a bid involving Saudi Arabia's sovereign wealth fund and the Reuben Brothers.

The charge agreement lodged at Companies House prepares the legal groundwork for a potential sale to be completed. 

Saudi Arabia's sovereign wealth fund was reported as being involved in a takeover in January 2020. Talks were apparently "advanced" but "complicated" with criticism surrounding Saudi Arabia's human rights record from Amnesty International.

The proposed takeover deal of the Magpies is now understood to be in the hands of the Premier League.

The club have maintained their "no comment" status on all enquiries, but a 31-page charge agreement has been lodged at Companies House which lays out the legal framework for a deal to be completed.

Away from the proposed takeover, the Premier League has taken the decision to suspend the competition indefinitely amid the outbreak of coronavirus.

The original postponement had seen the Magpies due to return to action at Bournemouth on April 4.

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