The proposed multi-million takeover of Newcastle United by a Saudi Arabia backed consortium has been delayed once again. BBC sport reports that the Premier League are delaying the takeover due a lack of clarity over who would be in charge at the Magpies after the takeover has been completed.
Sixteen weeks ago the club and the proposed new owners registered the documents relating a €350m takeover but the deal has been delayed several times. This time it is the insecurity over who would have the ultimate responsibility at St James’ Park. The takeover has been led by British financier Amanda Staveley, but the Saudi’s are set to take an 80% stake.
The chairman of Saudi Arabia’s sovereign wealth Public Investment Fund (PIF) is Crown Prince Mohammed bin Salman and it appears that the Premier League and its lawyers are having difficulties to establish the links between the consortium and the Saudi government. With seven weeks to go until the new season, the new owners and current owner Mike Ashley could be starting to lose their patience.