Newcastle United Takeover Confirmed: Live Updates As £305m Deal With Saudi Backed Consortium Finalised

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  • The Premier League has finally approved Mike Ashley's sale of Newcastle United and claimed it has legally-binding assurances that Saudi Arabia's rulers will not interfere.

    Following weeks of secret negotiations, top tier lawyers signed off the most controversial club takeover in English football history. The £305 million deal hands Saudi Arabia’s Public Investment Fund an 80 per cent controlling stake, with the London-based Reuben brothers paying for a 10 per cent stake, and broker, Amanda Staveley, receiving 10 per cent for her role in setting up the deal. The PIF's chairman is Saudi crown prince Mohammad bin Salman, yet Premier League chiefs claim they have now received guarantees that the Kingdom of Saudi Arabia will not be running the club.

    League officials have denied the breakthrough for Middle East rights holder BeIN Sports in getting their signal broadcast in Saudi played a key role in lawyers waving through the deal.

    Video: Soccer-Newcastle fans dreaming of early Christmas present (Reuters)