Newcastle United set for Saudi takeover, bid rumoured to be around £340 million

Gone are the days when football clubs used to build their sides by picking players from their academy. The game has changed completely. Clubs like PSG and Manchester City were built overnight as soon as they got funded by big Arab businessman. Chelsea became a renowned club only after Russian business tycoon Roman Abramovich bought the team in 2003. If rumours are believed to be true, a Saudi Arabia sovereign wealth fund is eyeing a move to buy Premier League side - Newcastle United. 

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Newcastle United to get some "oil money"?

Saudi’s Public Investment Fund together with a group led by British financier Amanda Staveley have reportedly offered a sum of £340 million ($447 million) to buy Newcastle United. The club is currently owned by a British billionaire Mike Ashley. He has been the owner since 2007. As reported by Reuters, the talks between the two parties have not been finalized and the deal can fall off anytime if both the parties do not come to an agreement. 

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Meanwhile, Newcastle United's officials have refrained from speaking about the speculations. It is known by everyone that Newcastle are up for grabs since quite some time now. In 2017, Staveley’s firm PCP Capital Partners made an offer of £250 million but that deal didn't work out. It was also rumoured that Abu Dhabi billionaire Sheikh Khaled bin Zayed Al Nahyan was very close to buying Newcastle United but even that deal didn't work out.

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Newcastle United's owner Mike Ashley is not popular among fans. Majority of Newcastle United's fans have stopped attending the club's games as a protest against the management. Newcastle United are currently on the 14th spot of the Premier League 2019-20 points table and will next face Norwich City in their Premier League 2019-20 clash. 

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