(CNN) — A Saudi Arabian-backed takeover of Newcastle United has been agreed, the Premier League and the club announced on Thursday. The three-party consortium includes the Saudi Arabian Public Investment Fund (PIF), venture capital and private equity company PCP Capital Partners, and RB Sports and Media. There has been much...
The controversial Saudi Arabian-led takeover of Newcastle United is set to be approved if the club can prove the Gulf kingdom will not be a director of the club. That issue is due to be determined in early January when arbitration proceedings between Newcastle and the Premier League will decide whether the blocked buyout can proceed.
When broken down to its most rudimentary level, what is the point of a football club? It depends on who you ask. For an owner, depending on their reason for investing, it could be profit-driven, their own desire for success (in trophies, praise from the masses, a boyhood fascination with a club), or even their personal brand, however close it may be tied to the club.
Mike Ashley is often described as brass-necked but behind the brash and brazen exterior Newcastle’s owner can also be extremely thin-skinned. A prime example of this paradox is to be found between the lines of the club’s recent 768-word statement attempting to justify a transfer window featuring one senior signing and a slashing of the wage bill.
Tuesday night brought a fresh takeover claim, with 90min stating that Mike Ashley is still confident about selling Newcastle United to PCP Capital Partners. According to 90min, Ashley expects to hand the keys over in January. Confidence is a dangerous word when it comes to the Newcastle takeover. It’s been...