Saudi Arabia’s Sovereign Wealth Fund are in talks to buy Newcastle United. From the looks of things, Saudi Sovereign Wealth Fund are not the only group interested in taking over the club. Saudi Arabia’s sovereign-wealth fund is said to be currently in talks to buy U.K. Premier League soccer team Newcastle United F.C. for about £340 million ($445 million).
It could also mean a big infusion of capital into Newcastle which they badly need to help reshape the Club. Such efforts reminds one of Manchester City who saw a reform in the Club when Abu Dhabi’s Sheikh Mansour took over the Club in 2008. Since then the city-state, capital of the United Arab Emirates, has spent over a billion pounds to amass playing talent, renovate the team’s facilities, and make City a massive force to be reckon in the English Premier League.
The interest of the Saudi Sovereign Wealth Fund was first reported by the Wall Street Journal on Saturday morning and it claims Prince Mohammed bin Salman will team up with British financier Amanda Staveley.
Staveley was unsuccessful in her attempts to buy Newcastle two years ago following lengthy negotiations. Current owner Mike Ashley grew increasingly frustrated at Staveley’s attempts to buy the club and eventually withdrew from the discussions.
Ashley, who is currently out of the country, has been in control at St James’ Park since purchasing a majority stake in the club in 2007 and is understood to want around £340m to sell.
He has previously been irked that would-be buyers have attempted to do their business through the media. Newcastle have been twice relegated from the Premier League during Ashley’s 13-year reign, with supporters protesting on numerous occasions against his ownership.
Newcastle defenders Jetro Willems and Paul Dummett will miss the rest of the season, manager Steve Bruce has confirmed. A scan has shown loan signing Willems ruptured his anterior cruciate ligament in A derby win over Chelsea, while Dummett could face surgery on a tendon injury.
Newcastle is apparently not having a good season. With four players picking up injuries in one game earlier this year. The Magpies are looking to do some serious and much needed reforming.
