Newcastle Takeover Creeps Closer As Chief of Saudi Sovereign Wealth Fund Is Made Director Of Shell Company

The Saudi Investment Fund's takeover of Newcastle United appears to be edging ever closer, as the COO of the Saudi Public Investment Fund (PIF) has become closely involved with the deal.
According to Murad Ahmed, sports editor of the FT, Companies House documents show that Bander Bin Mogren has been made director of NCUK Investment Limited, the shell company linked with the takeover of Newcastle.

NCUK was set up in January, when talk of the deal first surfaced, by Yasir Al-Rumayyan, the director of the PIF.

The shell company will be used to transfer shares from Mike Ashley if and when the takeover is confirmed.

With documents showing that Bin Mogren was made a director on April 9, it suggests that the takeover process is well underway.

He is also vice chairman of the Saudi Real Estate company, and is a board member of the Gulf International Bank and the Saudi Technology Development and Investment company.
Bander Bin Mogren was made director on April 9 of the shell company linked with the takeover
Bander Bin Mogren
With the Saudi Investment Fund thought to control assets around £320billion, Newcastle fans are hopeful for the future of the club after 13 years of mediocrity under Ashley.

The north-east club wants Mauricio Pochettino to be brought on as manager, and they are also targeting big names such as Kalidou Koulibaly, Nabil Fekir, and Edinson Cavani.

The new owners will have to adhere to spending regulations though. Newcastle won't bea in the Champions League next season, but if they hope to compete in future years, UEFA will look back three years to ensure compliance with FPP.

Under current rules, in the EPL a club can make 'acceptable losses' of up to £105m over three years, and the figure is €30m (N12.6bn) over three years for UEFA competitions.

The English Premier League has come under pressure from groups such as Amnesty International to block the takeover due to human rights concerns.

Broadcaster beIN Sport is also concerned that piracy of TV games has been linked to Saudi Arabia.

If the deal does not go through, Newcastle have reportedly been targeted in a £350million bid from American media mogul Henry Mauriss. 

Sportsmail.

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