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Why did the Newcastle takeover fall through?
On 30 July 2020 the consortium pulled out of the buying process, citing the prolonged delay for a decision from the Premier League alongside the league’s refusal to communicate a time-frame for it, as causing their acquisition of Newcastle United to become untenable, particularly given their contract of sale with …
Did the Saudis buy Newcastle?
The English Premier League football club Newcastle United has been bought by a group led by Saudi Arabia’s sovereign wealth fund.
Why did the Premier League block Newcastle takeover?
The UK government is refusing to reveal what it told the Premier League about the Saudi-backed takeover of Newcastle United because it could “harm” relations with Saudi Arabia. The government says it did not get involved in the deal, which has been criticised by human rights activists.
What does takeover mean for Newcastle?
Sky Sports reporter Keith Downie outlines the magnitude of the job at hand for the rebuild of Newcastle following the club’s takeover. The takeover involves Saudi Arabia’s Public Investment Fund (PIF) taking a controlling 80 per cent stake in the club, with the purchasing consortium led by Amanda Staveley.
Why did the Saudis not buy Newcastle?
It said its agreement with Newcastle’s owners to buy the team had expired and appeared to blame uncertain economic conditions as the reason to walk away. Ashley had collected more than $25 million as a nonrefundable deposit.
Who wanted Newcastle takeover?
Saudi-led consortium takeover of Newcastle United approved, Premier League announces. The £300m deal has been agreed after the league confirmed it had received “legally binding assurances that the Kingdom of Saudi Arabia will not control” the club.
What is the Saudi takeover?
Infamous murder of dissident journalist Saudi Arabia’s international standing was severely damaged by the killing in October 2018 of Jamal Khashoggi, a US-based Saudi journalist who was a prominent critic of the government. Khashoggi’s fiancée, Hatice Cengiz, called the Saudi takeover of Newcastle “heart-breaking”.
Why did Saudi Arabia Buy Newcastle?
The Newcastle transaction comes as part of a recent trend by the Kingdom to invest in sports and sports properties. The Saudis have been planning for years to expand their economic model away from oil revenues with sports and entertainment being one of the new key areas of focus.
Who blocked NUFC takeover?
Saudi Arabia has previously denied aiding the beoutQ operation and has insisted there is no link between its government and the alleged piracy.
What happened to Newcastle United?
2021–present: A new era. On 7 October 2021, after 14 years as owner, Ashley sold the club to a new consortium for a reported £305 million, making them the richest football club in the world. The consortium was made up of Saudi Arabia’s Public Investment Fund, RB Sports & Media and PCP Capital Partners.
How much is Newcastle United worth now?
What is the net worth of Newcastle United owners? Newcastle United’s majority shareholder Public Investment Fund has a reported collective wealth of £320 billion. This alone dwarfs the riches of the rest of the Premier League owners – the closest being Manchester City’s Sheikh Mansour with a £23.3 billion fortune.
Was the government involved in the Newcastle United deal with Saudi Arabia?
The government has denied it was involved “at any point” over a Saudi Arabia-backed group’s failed bid to buy Newcastle United. However, officials acknowledged that meetings had taken place between the Foreign Office and the Premier League. Downing Street said a senior aide was asked to check on the progress of the deal but not intervene.
What is the latest on Newcastle United takeover bid?
June 17 – Newcastle receive a new takeover bid worth £350m from Henry Mauriss, the CEO of US TV company, Clear TV. June 23 – Saudi Arabia announces a crackdown of websites illegally streaming sporting events to try and solve the key issue holding up the completion of the takeover.
Will the Premier League block the sale of Newcastle to Saudi-backed consortium?
April 22 – beIN Sports urges the Premier League to block the sale of Newcastle to the Saudi-backed consortium. April 24 – The Government is urged by Labour MPs to ‘take a role’ in the scrutinising the takeover. April 29 – Mauricio Pochettino is reported as the new prospective owners’ number one choice as manager and are willing to pay him £19m.
Who is the Saudi consortium that has bought Man Utd?
The Saudi Arabian-led consortium, which included sovereign wealth fund PIF, PCP Capital Partners and Reuben Brothers, had agreed the deal to buy the club from Sports Direct boss Mike Ashley last April.