PL club set for R7.5 billion takeover?

English Premier League

One of the most historic clubs in the Premier League is set for a reported R7.5 billion takeover, despite the current coronavirus pandemic halting football.

It was reported earlier this year that Saudi Arabia’s Crown Prince Mohammed bin Salman had entered talks to buy Newcastle United with controversial owner Mike Ashley looking to sell.

READ: UEFA president warns time may run out

Ashley who has been subject to intense abuse from fans on Tyneside over his tumultuous spell looks poised to finally end his 13-year association with the club.

According to the Independent earlier this year, the takeover was '90 per cent certain' after a shell company created by Dubai-based financier Staveley was registered to facilitate the deal.

Scroll through the gallery to see the richest footballers of all-time according to accumulated net worth

READ: FIFA eyes football 'reset' to avoid crisis

And the Daily Telegraph has now reiterated the speculation saying the deal is 'close' after the Premier League were officially informed over the bid from a Saudi Arabian consortium.

It's been suggested the Public Investment Fund would own 80 per cent of the club with a further 10 per cent belonging to Staveley's PCP Capital.

The investment group, which includes billionaire brothers David and Simon Reuben - who's family are worth an estimated 18.7billion (R333bn) are said to be in talks to acquire 10 per cent of the final shares.

READ: Football to undertake NBA-style drafts?

All that remains is that the Premier League now undergoes the necessary checks to ensure the funding remains legitimate, although it could be held up few a few months due to the novel coronavirus.

The news has evoked growing excitement amongst the Magpies faithful as the key investor of the Saudi royal family is estimated to be worth as much as £1trillion (R22tr) - of which the 34-year-old possesses £3bn (R53bn).