Official: Saudi led consortium agree Newcastle United takeover with Mike Ashley

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Official: Saudi led consortium agree Newcastle United takeover with Mike Ashley

Newcastle gain financial muscle

The wait is finally over for Newcastle fans across the northeast of England and around the globe as the club have agreed to close the book on the 14-year reign of Mike Ashley.

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The consortium have elected the current governer of Saudi Arabia’s public investment fund, Yasir al-Rumayyan, as the club’s non-executive chairman, which brings with it an alleged backing of 400 billion dollars.

It remains to be seen just how much backlash the takeover receives for what can euphemistically be described as a sketchy human rights record, but the major bridge regarding broadcasting piracy has been crossed, leaving the club open to conclude what is thought to be a 300 million pound takeover.

Players incoming in January?

Of course, Newcastle have endured a wretched start to the season, currently sitting in the relegation zone without a win in their seven games so far. The last thing that the new ownership will want is for their latest acquisition to find itself in the second tier of English football come next season.

To that end, can we expect a hectic January at St James’ park? With plenty of money thought to be available, and a squad in dire need of additions and, in some cases, replacements, could movements on Tyneside spark a domino effect throughout the Premier League as more and more clubs look to fight for their safety in the top division?

Of course, only time will tell on that matter, but it seems incredibly unlikely that the new owners will be happy to watch the club flounder in the relegation zone for too long.

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