Premier League gives green light for Newcastle's £300 million Saudi takeover: Report

According to multiple reports, Premier League is set to allow much-publicized £300 million Newcastle takeover. Newcastle are on brink of being taken over by Amanda Staveley's consortium of investors, who are backed by Saudi Arabia's Crown Prince. Reports suggest that Premier League owners and directors test found barrier to Saudi takeover, ending Newcastle owner Mike Ashley's 13-year reign.

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Saudi takeover: Premier League set to give green light to £300 million Newcastle takeover

According to SunSport, Premier League are set to give Newcastle takeover a green light after finding barriers in Premier League owners and directors test. Financier Amanda Staveley, who is fronting Saudi takeover bid, is expecting official word next week and an official anuncement of Newcastle takeover could be expected by June 1, once funds and paperwork are sorted. According to reports, Saudi Arabia PIF (Public Investment Fund) have already paid Newcastle owner Mike Ashley a deposit fee from for  £300 million Newcastle takeover. Saudi takeover will see Crown Prince Mohammed bin Salman's PIF hold 80% of Newcastle shares post takeover, with or 20% to be distributed among Amanda Staveley and Reuben brors.

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Premier League was warned by broadcasting group beIN Sports over Newcastle takeover by Saudi Arabia's Public Investment Fund. beIN Sports urged Premier League to block Newcastle takeover, claiming that Saudi Arabia government-owed satellite Arabsat allegedly broadcasts Premier League games illegally on beoutQ in country. Campaign group Amnesty International also urged Premier League chief Richard Masters to consider Saudi's human rights record before agreeing on Newcastle takeover deal.

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Saudi takeover: Premier League to have ir richest wonders post Newcastle takeover

With Newcastle takeover mooted to go through, Magpies will be able to boast Premier League's richest owners. incoming Newcastle United owners are reportedly worth £350 billion according to Marca. Manchester City owner Sheikh Mansour is reportedly worth £23.3 billion while Chelsea owner Roman Abramovic is next on list with a net worth of £9.6 billion. Newcastle takeover will be welcomed by fans, who have long wanted to see Mike Ashley's back due to Newcastle owner's lack of investment, which saw Magpies relegated twice to Championship. 

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