UPDATE 2-Saudi wealth fund in talks to buy Newcastle United for 340 mln stg - Reuters:
Saudi Arabia’s sovereign wealth fund is in talks to buy English soccer club Newcastle United for about 340 million pounds ($447 million), a source familiar with the situation told Reuters, confirming a report in the Wall Street Journal earlier on Saturday.
British billionaire Mike Ashley, who made his fortune from sportswear retailer Sports Direct (renamed Frasers Group last month) has owned Newcastle United since 2007.
Saudi’s Public Investment Fund together with a group led by British financier Amanda Staveley, are in discussions to buy the Premier League club, but the talks were at a delicate stage and could fall apart, a source familiar with the situation told Reuters.
A spokesman for Newcastle United declined to comment on Saturday. Saudi’s Public Investment Fund was not immediately available for comment, nor were representatives for Ashley or Staveley.
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