Chelsea look set to have an extra seat added to their table at the very top of the super-wealthy and elite of football with the Saudi-backed takeover of Newcastle United close to completion.
A £300million takeover of the Toon by the Saudi Arabia Public Investment Fund will immediately catapult Newcastle into the realm of the richest clubs in the world, if not the richest of them all.
The Saudi’s and sports broadcaster beIN Sports have come to an agreement to end a ban which saw the Qatari network unable to broadcast in the country for the past four-and-a-half years as part of a diplomatic dispute.
The takeover, which also includes a 10% stake for property magnates the Reuben Brothers and another 10% for Amanda Stavely, has been deadlocked for the past 18 months with current Toon owner Mike Ashley looking to sell.
After failing the fit and proper owners test, things stalled. But now, with the disagreement resolved, Newcastle look set to be launched into the Premier League elite and bring to an end Sports Direct tycoon Mike Ashley’s troubled 14-year ownership on Tyneside.
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