‘Disappointed’ billionaire brothers urge new talks on Saudi bid for Newcastle FC

‘Disappointed’ billionaire brothers urge new talks on Saudi bid for Newcastle FC
The bid to buy Newcastle was withdrawn after months of stalling by the Premier League. (AP/File)
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Updated 03 August 2020

‘Disappointed’ billionaire brothers urge new talks on Saudi bid for Newcastle FC

‘Disappointed’ billionaire brothers urge new talks on Saudi bid for Newcastle FC
  • The Reuben brothers want to buy 10 per cent of the club as part of PIF takeover
  • Brothers remain 'totally supportive' of the deal should there be a way forward

DUBAI: Another big financial backer of the £300 million ($390 million) bid for Newcastle United football club has come out in favor of a takeover led by Saudi Arabia’s Public Investment Fund.

The Reuben brothers, multibillionaire businessmen who want to buy 10 per cent of the club, said on Monday they were “very disappointed” when the bid was withdrawn late last week after months of stalling by the Premier League in England.

“We would welcome any resurrection of talks and progress with the Premier League and are aware that the Reuben brothers remain totally supportive of the deal should there be a way forward,” said a statement from their company, Arena Racing.

The brothers’ renewed support for the deal will raise the pressure on Richard Masters, the Premier League chief executive, who has remained silent since the takeover offer was withdrawn last week.

PIF made no secret of its disappointment and frustration that the Premier League — which has the duty to approve or reject a takeover of a member club  — has reached no decision since contracts were exchanged on the deal in April that would give the Saudi sovereign wealth fund 80 per cent of the 128-year-old club

Amanda Staveley, the British financier who has been at the heart of the deal and would have bought the remaining 10 per cent, also wants to see the deal revived.

The Reuben brothers, who already run two horseracing courses in the northeast of England, said: “We were planning on creating one of the premier sporting hubs in the UK, undertaking development work that is vital for the region and enjoying valuable synergies with the football club.

“We continue to hope that those exciting plans are not in vain.”


9 things to watch on Tadawul today

9 things to watch on Tadawul today
Updated 5 min 55 sec ago

9 things to watch on Tadawul today

9 things to watch on Tadawul today
  • stc reported net profit after Zakat and tax of SAR 11.085 billion for FY2020, rising 4% year-on-year (YoY)
  • SABIC Agri-Nutrients Co. reported a net profit after Zakat and tax of SAR 1.29 billion for the fiscal year 2020, a 12% decline YoY

Here are a few things you need to know as Saudi stocks start trading on Sunday.

1) Saudi Kayan Petrochemical Co.’s (Saudi Kayan) net loss after Zakat and tax widened to SAR 784.7 million for the fiscal year 2020.

2) stc reported net profit after Zakat and tax of SAR 11.085 billion for FY2020, rising 4% year-on-year (YoY).

3) Saudia Dairy & Foodstuff Company (SADAFCO) reported a net profit after Zakat and tax of SAR 205 million for the first nine-month period ended Dec. 31, 2020, a rise of 7% YoY.

4) Saudi Basic Industries Corp. (SABIC) and Plastic Energy Ltd. announced plans to commence construction on the first commercial unit to produce its flagship certified circular polymers.

5) The National Shipping Company of Saudi Arabia’s (Bahri) subsidiary, National Chemical Carriers Co., inked a SAR 1.23 billion Murabaha financing agreement with Samba Financial Group.

6) SABIC Agri-Nutrients Co. reported a net profit after Zakat and tax of SAR 1.29 billion for the fiscal year 2020, a 12% decline YoY.

7) Herfy Food Services Co. reported an estimated net profit after Zakat and tax of SAR 53.6 million for the fiscal year 2020, a slump of 73% YoY.

8) Basic Chemical Industries Co. accepted the resignation of chief executive officer Osama Farouk Abdulhamid, effective Jan. 20, 2021.

9) Brent crude on Friday declined 69 cents to reach $55.41 per barrel. WTI crude also decreased 86 cents to reach $52.27/bbl.