Saudi Crown Prince in £340m talk to buy Newcastle

Saudi Crown Prince in £340m talk to buy Newcastle

Mike Ashley is in talks to sell Newcastle to the Saudi Arabia sovereign-wealth fund, it has been claimed.

The influential Wall Street Journal are reporting the Saudi’s are considering buying the Tyneside club for £340m.

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It is the latest stage of Saudi Arabia focusing on sports and entertainment as part of economic reforms to improve the countries standing.

The WSJ are reporting that the prospective buyer is the Public Investment Fund, Crown Prince Mohammed bin Salman’s key investment vehicle.

Newcastle fans will be sceptical after several years of aborted or false claims being made from parties said to want to buy the club.

There have been many businessmen trying to scrape together the cash to meet Ashley’s demands, but he has pledged only to sell if to someone with the clout to invest and revamp the club.

The financial might of the Saudi’s make them a more serious prospect.

The financier Amanda Staveley is mentioned by the WSJ as organising investors to join the buy-out. She has lurked for a couple of years, including claiming bids had been made, but never been able to strike a deal.

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