Saudi Arabia PIF pull out of Newcastle deal
The prospective takeover of Newcastle United by the Saudi Arabia Public Investment Fund and its partners rumbled on for many months.
It was reported back in April that a £300m deal to buy Newcastle from Mikel Ashley was done, with only Premier League approval missing.
The takeover was set to see the Saudi Arabia Public Investment Fund secure 80% of Newcastle, with Amanda Staveley and the Reuben brothers each handed 10%.
However, after months of waiting, Newcastle fans were handed a big blow at the end of July when the SAPIF and its partners confirmed they had pulled out of the deal to buy Newcastle from Ashley.
“With a deep appreciation for the Newcastle community and the significance of its football club, we have come to the decision to withdraw our interest in acquiring Newcastle United Football Club”
— Sky Sports Premier League (@SkySportsPL) July 30, 2020
More recently, it was reported by Sky Sports News that Ashley remains in dialogue with the SAPIF and its partners over a potential sale.
It was also added that the Newcastle owner is 100% committed to getting the takeover back on track.
MANCHESTER, ENGLAND – APRIL 27: The Newcastle United club crest on a first team home shirt on April 27, 2020 in Manchester, England (Photo by Visionhaus)
New investors eyeing Newcastle
However, it now seems as though the Magpies have another potential suitor on the horizon.
As per Sky Sports News, Bellagraph Nova Group (BNG), a Singapore-backed company, claims it has held talks with Newcastle over the possible takeover of the club.
The group released a statement on the matter in which they claimed to have already provided proof of funds and have enlisted the help of Newcastle legend, Alan Shearer:
“Bellagraph Nova Group’s founders (have) already provided a LOI (Letter of Intent) as well as a proof of funds on August 10.
“In addition to the engagement to the Newcastle Football Club and community, Bellagraph Nova Group enlisted help of England captain Alan Shearer and former player Michael Chopra.”
In terms of the potential new owner’s wealth, SSN report that BNG earned around £9.154bn in revenue last year alone.
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