(image: Newcastle Gateshead website)

Mike Ashley is moving closer to selling the club to the Saudi sovereign wealth fund (PIF) for an approximate amount of £300 million, with Yasir Al-Rumayyan as the new chairman.

Since completing the purchase of the club, Ashley has announced plans to sell the club on three occasions: on 14 September 2008 and later on taking it off the market after being unable to find a buyer, on 31 May 2019 and on 8 June 2009 for the price £100 million. The club was officialy placed up for sale on 16 October 2017. Since then, many parties have registered an interest in the club. Guardian article by Louise Taylor from 27 May 2019 says:

“Newcastle has been for sale – either overtly or tacitly – for much of Ashley’s 12 year ownership but takeovers by Amanda Staveley and then Peter Kenyon evaporated after entering the due diligence stage.”

Amanda Staveley, who is known for her connections with Middle East investors, is leading the approximate £300 million deal with sovereign wealth fund of Saudi Arabia and the Reuben Brothers.

The relevant documents have been signed between Mike Ashley and the buyers. The deposit- which is believed to be £17m - has been paid to secure the deal for a Newcastle United takeover and the aspect that needs to be completed now is fit-and proper Premiere League test. The Mag website, providing with the latest news and views on the club, says that the Premier League are now reviewing the documents and that process is expected to take around three weeks. Saudi Public Investment Fund would hold 80% of the shares, Amanda Staveley 10% and Reuben Brothers the other 10%.

According to the Daily Mail, the deal was supposed to be initially £340m. However due to the ongoing global pandemic, Ashley reduced his asking price for Newcastle to £300 million.

Journalist Manu Lonjon posted quite a while ago on his social media:

Fans are waiting for the announcement, after Mike Ashley’s private plane returned to UK last night from the United States.

Supporters of the deal have criticised Mike Ashley actions during the coronavirus pandemic, mentioning his attempt to keep stores open amid the coronavirus crisis or where the club has charged fans for next season’s season tickets. Newcastle United takeover had 50 tweets in the last hour on twitter:

In the BBC Sport article by Alistair Magowan, Dan Roan and Laura Scott from 14 April 2020, the sports finance expert Kieran Maguire said:

"The trouble with Mike Ashley is that until you see the final documents, it's never completed but the other parties would not waste their time like this unless there had been progress in terms of a takeover."

The club have maintained their “no comment” status on all enquiries. Chronicle says:

“There's no timeline on the announcement yet but it's understood Staveley's group have exclusivity until the middle of May.”