29.4 C
June 3, 2023
Egypt Bulletin

PIF to take over Newcastle United in $407 million deal

The Saudi Public Investment Fund (PIF) is in the final stages of a takeover of Newcastle United in a $407 million deal. The PIF will provide 80 percent of the SR1.52 billion deal to takeover Newcastle United, according to media reports. The remaining 10 percent will go to the property developers Simon and David Reuben and the final 10% going to Staveley’s PCP Capital Partners.
PIF to take over Newcastle United in $407 million deal

Approval from the Premier League could possibly come in the next 24 hours. The news will delight supporters of the club, after a recent survey of its supporters’ trust showed that 93 percent of its members were in favor of the takeover.

One of the new board’s first tasks is likely to appoint a new manager to replace the massively disliked Steve Bruce. Although the former Manchester United centre-half has kept Newcastle in the top tier since succeeding the widely adored Rafael Benítez in July 2019, he is regarded as an Ashley puppet by large elements of the fan base and is still to oversee a league win after seven games this season. With his team currently second bottom, Bruce is almost certainly on borrowed time.

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