Newcastle will not splash cash in huge spending spree after takeover with Saudi owners planning ‘sensible’ investments
NEWCASTLE fans excited over their impending £300million takeover should not expect their new Saudi owners to splash the cash, it’s been claimed. The Saudi-backed consortium led by Amanda Staveley believe the proposed deal will not be vetoed by Premier League chiefs. The group are still awaiting the result of the Premier League‘s owners and directors’ […]
NEWCASTLE fans excited over their impending £300million takeover should not expect their new Saudi owners to splash the cash, it’s been claimed.
The group are still awaiting the result of the Premier League‘s owners and directors’ test as the takeover saga rumbles on.
Questions remain around the Saudi government’s involvement in the murder of journalist Jamal Khashoggi and the country’s dubious human rights record.
The Independent report that if, as expected, the takeover gets the green light – fans should NOT expect a massive spending spree with the new owners preferring to invest wisely.
The delay in ratifying the deal is thought to be down to the focus on Project Restart amid the coronavirus pandemic rather than concerns surrounding the suitability of Saudi Arabia dipping its heels into the English top-flight.
Outgoing owner Mike Ashley became a pantomime villain at St James’ Park and it is thought the club could officially change hands in the next few weeks.
Staveley’s company PCP Capital Partners are obtaining ten per cent with London billionaires the Reuben brothers acquiring the same amount of equity and the remaining 80 per cent being bought up with the Saudi region’s oil money.
A source close to the consortium poured cold water on hopes of a transfer market blitz and squad overhaul – akin to those at Chelsea and Manchester City in the noughties.
They told the Independent: “Newcastle is not about to become the richest club in the world.
“Newcastle will have very rich owners but that does not mean massive spending.
“Even if the environment was the same as when Roman Abramovich bought Chelsea in 2003 or Abu Dhabi went into City five years later, things would still be done differently. This takeover is based on strict investment criteria. Even if there were no financial fair play (FFP) rules in place spending would be sensible.”
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A number of superstars were linked with a move to join the Toon army as news of their cash influx circulated.
The club were also rumoured to be after Gareth Bale, James Rodriguez and could hijack Chelsea’s move for Bayer Leverkusen star Kai Havertz.