Steve Bruce to be handed ‘£200m transfer war-chest’ as Newcastle’s new Saudi owners look to launch audacious plan to build Geordies into Champions League contenders
- Newcastle’s new Saudi owners will inject an initial £200million into the club
- The huge cash injection will be spent on transfer and club improvements
- The club are set for a takeover from the Saudi Public Investment Fund
- £200m figure is part of plan to build the Geordies as Champions League club
Newcastle United manager Steve Bruce is set to be handed £200million to spend on players and club improvements as their new Saudi owners looks to relaunch the club as Champions League contenders.
Head of the Saudi sovereign wealth fund Yasir Al-Rumayyan is poised to become the public face of the club as part of the £300million takeover of Newcastle from unpopular retail tycoon Mike Ashley.
Detailed financial plans have been submitted to the Premier League which the new chiefs hope to get approval for, which reportedly includes the huge initial £200m figure that will be injected into the club to improve the squad and revamping the club facilities, according to The Mirror.
Steve Bruce is set to be handed £200million by Newcastle’s imminent new Saudi owners
Newcastle are set for a revamp with the takeover from the Saudi Public Investment Fund
The investment is the first in a series of three-yearly injections in their 350-page dossier as well as new commercial sponsorships and plans for the day-to-day management of the club as they look to ambitiously return the Geordies as a club capable of consistently challenging for the Champions League.
The money will also go into revamp of the club’s training ground, academy and internal workings to make it capable of generating more income.
The takeover has sparked the suggestions that Bruce, who’s appointment by Ashley was unpopular last summer after Rafa Benitez left the club, could be fearing for his job but the plans submitted to the league would suggest otherwise.
The club will be part-owned by the PIF, financier Amanda Staveley and property tycoons David and Simon Reuben. PIF will own 80 per cent, with Staveley and the Reuben brothers both taking 10 per cent.
Yasir Al-Rumayyan is set to become the new public face of Newcastle United amid a takeover
It marks the end of unpopular tycoon Mike Ashley’s reign which saw Newcastle underperform
There is much excitement at the long-awaited takeover from Newcastle fans after years of under-performing since Ashley bought the club in 2007.
Lack of financial backing from the Sports Direct founder has been a key reason for Newcastle’s period of struggle, which has included two relegations from the top flight, forcing previous popular manager Benitez to leave the club last summer.
The Geordie faithful were unhappy with Ashley’s running of the club since his 2007 arrival
Many have expressed concerns over the imminent takeover though due to questionable human rights record in Saudi Arabia, with Sportsmail writer Oliver Holt saying that while it is a positive thing to see Ashley finally depart the club, it has been bought by ‘blood money’.
New chairman Al-Rumayyan will have to pass the league’s fit and proper person’s test before taking charge.