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

According to multiple reports, the Premier League is set to allow the much-publicized £300 million Newcastle takeover. Newcastle are on the brink of being taken over by Amanda Staveley's consortium of investors, who are backed by Saudi Arabia's Crown Prince. Reports suggest that the Premier League owners and directors test found no barrier to the 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 the Newcastle takeover a green light after finding no barriers in the Premier League owners and directors test. Financier Amanda Staveley, who is fronting the Saudi takeover bid, is expecting official word next week and an official announcement of the Newcastle takeover could be expected by June 1, once the funds and paperwork are sorted. According to reports, the Saudi Arabia PIF (Public Investment Fund) have already paid Newcastle owner Mike Ashley a deposit fee from for the £300 million Newcastle takeover. The Saudi takeover will see Crown Prince Mohammed bin Salman's PIF hold 80% of Newcastle shares post takeover, with the other 20% to be distributed among Amanda Staveley and the Reuben brothers.

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

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

With the Newcastle takeover mooted to go through, the Magpies will be able to boast the Premier League's richest owners. The 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 the list with a net worth of £9.6 billion. The Newcastle takeover will be welcomed by the fans, who have long wanted to see Mike Ashley's back due to the Newcastle owner's lack of investment, which saw the Magpies relegated twice to the Championship. 

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