Newcastle Utd takeover: £340m bid received from Saudi investors, deal 'one step closer'

The Newcastle Utd takeover has been trending on social media following the news of Saudi Arabia crown prince Mohammed bin Salman's interest in purchasing the Premier League club. Current Newcastle owner Mike Ashley has been keen on selling the club for a few years now and it appears that the deal to end his tenure is almost complete. According to reports, the Newcastle Utd takeover could be complete in a few months.

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Newcastle Utd takeover: Newcastle owner Mike Ashley to sell?

The news of a Newcastle Utd takeover has been subject to previous but unsuccessful attempts from business tycoons Amanda Staveley and Peter Kenyon. However, Newcastle owner Mike Ashley is set to put an end to his 13-year spell on Tyneside after growing even more unpopular among the Newcastle faithful amid the Premier League suspension. The 55-year-old Mike Ashley is set to offload the English club to Saudi prince Mohammed bin Salman with reports claiming that the deal is 90 percent complete.

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Newcastle Utd takeover: Who is Mohammed bin Salman?

The report of a Newcastle Utd takeover has been in the news for a while. The 34-year-old Mohammed bin Salman is currently serving as his country's deputy prime minister. Mohammed bin Salman's net worth is estimated to be in excess of $3 billion, according to The Sun, and Mohammed bin Salman now holds the key behind the possible Newcastle Utd takeover.

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Newcastle Utd takeover: Premier League informed of a bid

The Premier League was informed of a bid led by the Public Investment Fund (PIF) of Saudi Arabia. The Premier League received an offer worth a reported £340 million in relation to a Newcastle Utd takeover. This links back to the time a Newcastle Utd takeover was on the cards in January when Mohammed bin Salman entered talks to buy out Newcastle owner Mike Ashley. However, a Newcastle Utd takeover seems imminent after a shell company created by Dubai-based financier Staveley was registered in order to facilitate the deal.

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