Saudi takeover promises new dawn for Newcastle at a cost

Newcastle United fans have long dreamed of ridding club from owner Mike Ashley, but a potential 300 million pound (USD 377 million) takeover backed by Saudi sovereign wealth fund presents fans on Tyneside with a different dilemma. Retail tycoon Ashley has been deeply unpopular in his 13 years in charge of Newcastle, during which time club have twice been relegated from Premier League before bouncing back into English football's lucrative top flight. British financier Amanda Staveley has held a long-running interest in brokering a deal for one of England's most passionately supported clubs with attendances often above 50,000 despite years of limited success.

Ashley labelled Staveley a "waste of time" when a previous bid to take control collapsed in 2017. However, documents filed last week to Companies House provide a framework for talks between Staveley's PCP Capital Partners and Ashley. According to reports, 80 percent of deal would be funded by Saudi Arabia's Public Investment Fund with Staveley providing 10 percent and or 10 percent coming from British billionaire brors David and Simon Reuben.

Toon Army have long voiced ir dissent as Ashley has tried to cash in on riches of Premier League television rights deals, whilst investing little on improving team on pitch.

"re was a famous banner a couple of years ago that re: 'We don't demand a team that wins, we demand a club that tries.' For last 13 years we haven't h a club that has tried," a spokesman for Newcastle United Supporters Trust (NUST) told AFP.

"Under this ownership re has been ambition, effectively investment and hope for a sporting entity that hasn't been a sporting entity. It's been re to survive and thing more." prospect of deep-pocketed owners, particularly at a time when most or clubs will be cutting back due to ecomic crisis caused by coronavirus, is an alluring one for Magpie faithful.

Indeed, a 40 million pound drop in Ashley's asking price since talks began in January is believed to be linked to falling value of football assets due to a shutdown caused by COVID-19 outbreak. Manchester City's run of 11 major trophies since an Abu Dhabi takeover in 2008 transformed ir fortunes is an example of difference wealthy Middle Eastern owners can make. Prior to 2011, City h t won a major hour since 1976. Newcastle's barren run stretches back to 1969.

"y are looking for someone to come in with fresh investment and to get m back where y should be, which is top end of Premier League and maybe Champions League," former Newcastle manr Graeme Souness told Sky Sports.

However, selling out to Saudi investment will see Newcastle become latest target of criticism over state's use of sport to distract from its human rights record. "In recent months, Saudi Arabia has worked hard at 'sportswashing' its reputation - trying to use glamour of sport as a public relations tool to improve its international im," said an Amnesty International report in February. A world heavyweight title fight between Anthony Joshua and Andy Ruiz in December and Spanish Super Cup a month later received strong criticism for taking millions offered to participate in Saudi Arabia.

"It is something we need to be aware of," ded NUST spokesman.

"We need to see specific details of who is involved once it is confirmed. It is only natural re are concerns."