Newcastle takeover: Saudi Arabia-financed bid expected to go through in near future
The Saudi Arabia-financed consortium’s bid for Newcastle United is expected to go through in the near future following the reversal of a ban on beIN Sport in the Gulf nation.
A takeover saga which has now dragged on for 18 months and seen the club embroiled in legal disputes with the Premier League is now closer to resolution and the group, led by Amanda Staveley, the British businesswoman, could soon bring to an end Mike Ashley’s 14-year ownership of Newcastle.
The announcement on Wednesday that beIN Sport, the Premier League’s official Middle East broadcaster, will no longer be barred from operating in the kingdom means the takeover is on the cusp of being completed.
In July last year, Staveley’s group pulled out of a deal to buy Newcastle after the Premier League failed to give regulatory approval. The issue was the separation – or lack of – between the Saudi state and its…