Newcastle takeover fears raised because of Mike Ashley actions
Newcastle United: What will the takeover mean?
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Newcastle United are reportedly set for new owners at St James’ Park, with Mike Ashley finally striking a deal with a Saudi-based consortium. The parties had looked primed to agree terms last year, but talks broke down after the Premier League demanded to know who would have overall control of the club.
The Premier League wanted answers to confirm if Public Investment Fund (PIF), which had tabled a bid as part of a consortium including PCP Capital Partners and the Reuben brothers, were owned by the Saudi state.
But the Premier League has now decided that PIF is separate, despite Crown Prince Mohammed bin Salman being the chairman of the fund.
The breakthrough in the renewed takeover talks came on Wednesday after Saudi Arabia agreed not to screen anymore Premier League clashes illegally through beoutQ.
The country also repealed its four-and-a-half year ban on showing beIN Sports.
PIF is said to be worth £320billion and former Crystal Palace chairman Simon Jordon now fears the takeover will lead to hyperinflation in football.
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But he admits Newcastle were a mouthwatering prospect for the consortium to buy as Ashley has recently run the club at a profit.
“Earlier this week I said it was deader than a dead thing from dead land, so I look completely wrong, and I am wrong,” Jordan talkSPORT on Thursday.
“I didn’t envisage that the Saudis were still there. I didn’t see this news coming out of left field.
“This piracy issue was the key component in why I thought it would never be done. I missed the memo on that and it’s back on – it is where it is now.
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“For all the Newcastle fans who want to say, ‘ner-nicky-ner-ner’, yep I got it wrong.
“Some people will say it’s a bad day for football.
“And others, specifically Newcastle fans, will say it’s a great day – in the same way it was a great day for Man City, Chelsea and PSG.
“The reason why I say it’s not a great day for football is because it brings in a new situation where hyper-inflation will come to pass.
“Newcastle will come in with owners who have £320bn. Now they come in with a business in relatively decent nick because Ashley hasn’t run it at a loss for years.
“They’ve got three years now when they can smash the granny out of the transfer market without any implications over financial fair play.”
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