Former Crystal Palace chairman Simon Jordan has explained how the £300m takeover of Newcastle United by a Saudi Arabian investment group has finally got the green light with the deal set to confirm Mohammed Bin Salman as their new owner.
A St James’ Park takeover has been a constant talking point over the past 18 months. Indeed, talks over a deal were initially shelved after the group, led by Amanda Staveley, saw their efforts blocked by the Premier League. They explained their reasons for ending talks back in July 2020.
However, the interest has never died down. And it now seems the move will finally get the green light with reports indicating a deal will soon be done.
Furthermore, poor old Steve Bruce seemingly already knows his fate.
When talk first emerged last week that the takeover could be rekindled, several prominent voices again raised their objections.
Indeed, earlier this week, Jordan appeared on talkSPORT saying the proposed takeover was “deader than a dead thing from dead land”.
The controversial former Palace chief also claimed that the takeover “did not have a cat in hell’s chance of going through”.
However, after Saudi Arabia lifted their nationwide ban on beIN Sports, the deal now looks set to go through.
Indeed, all reputable sources cannot see any more hitches blocking the deal.
Furthermore, the takeover will mean Newcastle’s new owners are the wealthiest in the world game. It is expected to catapult the club into a whole new stratosphere.
In addition, Jordan has now backtracked on Twitter to explain why the takeover has been given the green light.
“This climbdown by Saudi Arabia with bein. The removal of piracy changes the landscape dramatically.
“With this, the situation at Newcastle United also changes significantly.
“Cat cases and arbitration were lost without removal of piracy. On that basis, the Premier League will very likely wave this deal through.”
What Mohammed bin Salman is worth
It now seems a question of when, not if, the takeover goes through.
And it will mean that Mohammed Bin Salman – the Crown Prince of Saudi Arabia – will become the new owner of Newcastle United.
He is worth an estimated £320billion. The Premier League’s next wealthiest owner, Sheikh Mansour of Manchester City, is, in comparison worth £23.3billion.
It will also end the club’s 14-year association with Sports Direct mogul Mike Ashley.
Ashley took over the club in 2007 and has seemingly been wanting to sell ever since. Despite that, he has remained at the helm for 14 years – overseeing two relegations in that time.
Ashley’s persistence is expected to finally pay off when he receives the kind of figure he wanted for a sale. But that will also signal the end for Bruce.
The report adds that Bruce did not expect to return after the first Covid-19 lockdown, when the initial deal was being drawn up.
As much as £250m is expected set to be invested in players and infrastructure as the Saudi’s look to rebuild Newcastle.
The club are currently languishing in 19th in the Premier League table after a poor start to the season. That could all be about to change if the Saudi takeover goes through.