The Public Investment Fund (PIF) of Saudi Arabia has moved a step closer to completing a £340million takeover of Newcastle, according to reports.
Unpopular Magpies owner Mike Ashley has been trying to sell the club for years and looks to be on the verge of finally doing so.
The Telegraph claim the Premier League has been informed of a bid by the PIF of Saudi Arabia to buy Newcastle for £340million.
PIF is the largest sovereign wealth fund in Saudi Arabia and would take an 80 per cent stake in the club.
The other remaining 20 per cent would be split in half between Amanda Staveley’s firm PCP Capital and the Rueben brothers, David and Simon, who are part of the second richest family in the UK.
Yasir Al-Rumayyan, governor of the Saudi PIF, Staveley and Jamie Reuben, son of David, are believed to be named as potential directors.
Newcastle have yet to comment on the takeover speculation with Ashley currently out of the country.
PIF was first linked with a Newcastle takeover in January.
At the time, Newcastle boss Steve Bruce revealed he had not been told anything about it.
He said: “If there was something to talk about and something to tell me, he (managing director Lee Charnley, who reports to Ashley) will tell me.
“I have a relationship with him that I think he would.
At the moment all he’s said is there’s nothing in it. Okay, fine, let’s go to work and let’s see where we are.”
