It has already been two and a half weeks since the Wall Street Journal broke the story of a Saudi-backed consortium that was in talks over a proposed £340m takeover of Newcastle.
Despite claims that the next 48-72 hours were crucial, here we are with not much more to go on.
The basics of the story were that Amanda Staveley, who failed in a bid for Newcastle two years ago, had reappeared but this time backed by the formidable wealth of the Saudi Public Investment Fund.
The consortium also consisted of British businessmen the Reuben Brothers, which was later confirmed through local reports. The consortium would be primarily funded by the PIF, which is headed by Saudi Crown Prince Mohammed bin Salman.
The Saudi’s would provide 80% of the funds while Staveley’s PCP Capital and the Reuben Brothers would provide 10% each. The group would also pump £200m into the club to push us forward.
Carla DiBello– more involved than first reported?
Another name came into the mix late last week in American entrepreneur Carla DiBello. Bloomberg reported that DiBella, who owns the consulting firm CDB Advisory, was working with Amanda Staveley on the deal.
The Wall Street Journal is back again today, and they are claiming that DiBello has played a much more prominent role in the negotiations than first reported.
They report, citing sources involved in the talks, that it was DiBella who first proposed the idea of purchasing Newcastle to the PIF in early 2019. That piece of information was not in the Bloomberg article.
However, the Wall Street Journal adds that DiBello basically approached the PIF unsolicited, which took them by surprise. They also verify Bloomberg’s reporting that both Staveley and DiBello would continue with the club if a deal was reached with both holding equity in Newcastle.
It all sounds too good to be true. We’d have quite a diverse set of owners who would have the funds to take this club forward. That is precisely why we are highly skeptical of all of this at the moment.
However, we would love for it to happen but don’t want to end up shattered like after the last few takeover claims.