Newcastle United's sale has been agreed upon pending Premier League approval according to The Telegraph. The club is set to be taken over by British businesswoman Amanda Staveley with a large Saudi Arabian backing, according to the report. The deal is reportedly worth $391 million.
The report says that a formal announcement that Mike Ashley's ownership is coming to an end could come at any moment, with the 13-year run of ups and downs highlighted by a lack of consistency on the pitch, relegation, promotion and more.
Eighty percent of the stake in the club will come from Saudi Arabia's Public Investment Fund, according to The Telegraph. Staveley tried to buy the club in 2017 but could not come to terms.
Newcastle is historically one of the usual top-flight clubs, last winning the title in 1992-93. The club has been relegated twice in the last 11 seasons, winning the Championship in 2016-17 to earn promotion. Newcastle finished 10th in the Premier League in 2017-18 and 13th in 2018-19. This season, the club is in 13th place and eight points clear of the bottom three.
Ashley's Newcastle has often been criticized for a lack of investment in players, though in 2019 the team brought in its two most expensive transfers in history in Miguel Almiron of Atlanta United and Hoffenheim's Joelinton.
The sale of the club comes at an interesting time when play has been suspended due to the coronavirus outbreak with no date set for play to resume. The leagues below the Premier League are hoping to resume by June 6.