Saudi Arabia Crown Prince in talks for £340m take over of Newcastle United
Saudi Arabia Crown Prince in talks for £340m take over of Newcastle United
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Saudi Arabia Crown Prince in talks for £340m take over of Newcastle United

Newcastle United fans will be delighted by news of owner Mike Ashley being in talks to sell the club to the Saudi Arabia sovereign-wealth fund for £340m.

According to the influential Wall Street Journal, the Saudi's are considering buying the Tyneside club for £340m.

The publication also reported that the prospective buyer is the Public Investment Fund, Crown Prince Mohammed bin Salman's key investment vehicle.

Newcastle fans will be delighted after staging several protests against Mike Ashley who has failed to adequately invest in the club.

The Tyneside fans will, however, be skeptical after several years of aborted or false claims being made from parties said to want to buy the club.

Ashley bought the club back in 2007 for 134 million pounds and turned into one of the least popular owners in English soccer.

The takeover will be in line with Saudi Arabia's economic reform plans for the kingdom as Prince Mohammed focuses on sports and entertainment.

The possible acquisition has also been likened to Abu Dhabi’s 2008 acquisition of Manchester City who have forked out over a billion pounds to amass playing talent, renovate the team’s facilities.

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