One of England's biggest soccer clubs is close to a $375 million takeover at the hands of the Saudi royal family

• English Premier League club Newcastle United is close to a $375 million takeover at the hands of the Saudi royal family and financier Amanda Staveley.
• The BBC reports that Staveley is leading the bid which is being backed by Saudi Arabia's sovereign wealth fund, and British businessmen David and Simon Reuben.
• Documentation has been sent to the Premier League, who are now carrying out checks under its owners and directors test, the BBC said.
• Pundit Jim White told TalkSPORT that the deal is "all but done" and that it is "increasingly likely that Mike Ashley's tenure is coming to an end."
• Ashley, who took charge of Newcastle in 2007, has come under heavy criticism from fans during his tenure, with many blaming him for the club's fall from grace.
• The Saudi wealth fund is indirectly under the control of the country's controversial Crown Prince, Mohammed bin Salman.
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English Premier League club Newcastle United is close to a $375 million takeover at the hands of the Saudi royal family and financier Amanda Staveley.

The BBC reports that Staveley's PCP Capital Partners is leading the bid which is being backed by Saudi Arabia's sovereign wealth fund, and British businessmen David and Simon Reuben. The Saudi wealth fund is indirectly under the control of the country's controversial Crown Prince, Mohammed bin Salman.

Documentation with regards to the takeover has been sent to the Premier League, who are now carrying out checks under its owners and directors test, the BBC said.

"This has been fast moving for a while and a £300 million deal is all but done," pundit Jim White said, speaking on radio station TalkSPORT on Wednesday.

"All it needs is a tick in the box from the Premier League. They have the documents and it's all subject to approval now. It's virtually over the line but the coronavirus pandemic understandably slowed things done.

"Both parties exchanged last week, it was all kept very quiet. There is a legal binding agreement in place now.

"It looks increasingly likely that Mike Ashley's tenure is coming to an end."

Mike Ashley, the founder of the UK sporting goods giant, Sports Direct, took charge of Newcastle in 2007. He has come under heavy criticism from Newcastle fans during his tenure, with many claiming that he has not invested enough in the club and lacks ambition, seeing it more as a business than a sports team looking to win trophies.

Newcastle was a regular challenger for the top four before Ashley's reign, however has finished in the top half of the Premier League just three times since 2007 and has been relegated twice.

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