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Premier League's plan for Newcastle United's £300m Saudi takeover announcement

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The Premier League will leave any announcement about Newcastle United's takeover to the prospective new owners and Mike Ashley.

Top-flight chiefs have reportedly given the green light to a proposed £300million takeover of Newcastle by a Saudi-backed consortium.

The move will mean an end to Ashley's 13-year ownership of the club, with the Public Investment Fund of Saudi Arabia - led by Crown Prince Mohammed bin Salman - taking an 80 per cent stake.

The Saudi consortium, assembled by financier Amanda Staveley, also includes billionnaire British businessmen the Reuben brothers, who will have a 10% stake, and is understood to be closing in on a completion.

Newcastle are reportedly on the brink of having new owners (Image: Getty) Read More Related Articles Read More Related Articles

The ChronicleLive claim that their Premier League application is in its final stages and it is believed that an announcement is expected to be made around June 1.

However the top-flight will leave Newcastle to announce the news first, rather than make their own statement about the takeover.

There has been some opposition to the bid, with critics highlighting Saudi Arabia's poor human rights record and allegations of links to illegal streaming of sports events including football matches.

But the bid has now passed the league's fit and proper persons' test for owners and directors, The Sun reports.

The Premier League will let the club announce the news first (Image: REUTERS) Read More Related Articles

Once the funds have been transferred and all paperwork dealt, an announcement is expected to made around June 1.

Many fans will welcome the end of Ashley's ownership of the club.

Newcastle have twice been relegated from the Premier League during his reign, and the Sports Direct tycoon Ashley has faced increasing criticism from fans unhappy at the lack of success on the pitch and the level of investment in the team.

Meanwhile Newcastle manager Steve Bruce says he is 'in the dark' about a proposed Saudi-backed takeover of the Premier League club but would hope to stay on under any new owners.

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Former Newcastle manager Rafa Benitez, who took Liverpool to Champions League glory in 2005, and ex-Tottenham Hotspur boss Mauricio Pochettino are seen as contenders for the job if a deal goes through.

"I have a wonderful working relationship with (Newcastle managing director) Lee Charnley and he told me, 'when there's something to tell you, Steve, I'll tell you'," Bruce told Sky Sports television on Thursday.

"We've left it at that and gone back to work. I'm in the dark like most other people, and for that, I'm glad, really, because I can't comment on it."

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