Newcastle takeover latest as £340m Saudi Arabia consortium consider April deal

Newcastle could be just one month away from a £340m takeover by a Saudi Arabian consortium.

The Magpies have reportedly been edging nearer to a change at the top after 13 years under Mike Ashley.

He has proved an unpopular figure with fans, especially during a period where buyers have come and gone at St James’ Park.

But the latest bid appears to have some legs, with the Daily Telegraph reporting it could be pushed through next month.

The Public Investment Fund of Saudi Arabia want a bid which would see them own 80 per cent of the club.

The final 20 per cent would be split in half between Amanda Stanley’s PCP Capital and the Reuben Brothers, owners of the Newcastle racecourse.

And the bid appears to be gaining ground as the Premier League have been contacted about it, set to make the necessary checks to endure funding is ready.

One aspect that could delay the deal is coronavirus, which has suspended football in England until April 30 at the top level.

This has proved another difficult time for Ashley after charging fans for season tickets despite the lack of action.

While the Magpies owner left shoppers at sportswear brand Sports Direct fuming by hiking the price of products.

And the 55-year-old was forced to issue an apology as well as making a gesture to the NHS.

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In an open letter, he said: "Our intentions were only to seek clarity from the Government as to whether we should keep some of our stores open; we would never have acted against their advice.

"In hindsight, our emails to the Government were ill-judged and poorly timed, when they clearly had much greater pressures than ours to deal with.

"On top of this, our communications to our employees and the public on this was poor.

"To reiterate, I am deeply apologetic about the misunderstandings of the last few days. We will learn from this and will try not to make the same mistakes in the future."

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