The proposed Newcastle United takeover is on the brink of being finalised, Jim White has exclusively revealed on talkSPORT.
PCP Capital Partners, headed by Amanda Staveley, have brokered the £300m deal which is being backed by the Saudi royal family’s Public Investment Fund.
Newcastle owner Mike Ashley and PCP have entered into a binding agreement and all that is left is for the Premier League to approve it.
Speaking exclusively on Sports Breakfast, White said: “This has been fast moving for a while and a £300m deal is all but done.
“All it needs is a tick in the box from the Premier League. They have the documents and it’s all subject to approval now.
“It’s virtually over the line but the coronavirus pandemic understandably slowed things done.
“Both parties exchanged last week, it was all kept very quiet. There is a legal binding agreement in place now.
“It looks increasingly likely that Mike Ashley’s tenure is coming to an end.”
White added: “My understanding is that Ashley will receive the £300m as a lump sum.
“A five per cent deposit has already been put done. Things are much further down the line that it’s been indicated.”
