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Sports News of Saturday, 25 January 2020

Source: www.mynigeria.com

Newcastle up for sale as owner negotiates with Saudi wealth fund

Newcastle United stadium Newcastle United stadium

Premier League club, Newcastle United, is up for sale as the owner is currently negotiating with Saudi Arabia's wealth fund who has reportedly tabled $340m, a close source confirms to Reuters.

According to Reuters, the deal is likely to happen as talks with club owner, British billionaire Mike Ashley, who bought the club in 2007 has gotten to a delicate stage and could fall apart.

Interested buyers, Saudi's Public Investment Fund together with a group led by British financier Amanda Staveley, would not be the first to negotiate a deal to own the club.

A spokesman for Newcastle United declined to comment on Saturday. Saudi's Public Investment Fund was not immediately available for comment, nor were representatives for Ashley or Staveley.

Newcastle United has been up for sale for a number of years. Three years ago, Staveley's firm PCP Capital Partners made an offer for it for a reported 250 million pounds but the talks broke down.

In 2019, Newcastle United was rumoured to be on the brink of being bought by Abu Dhabi billionaire Sheikh Khaled bin Zayed Al Nehayan, but that deal did not go ahead either.

Ashley, who owns a controlling stake in the club, has not always been popular among fans, and thousands have been staying away from matches this season to protest at his ownership.

Around a third of English soccer clubs are under foreign ownership. Premier League clubs Arsenal, Liverpool and Manchester United are all in American hands, while Manchester City is owned by the Abu Dhabi United Group.

Reuters