Contracts exchanged and deposit paid: Newcastle United takeover set to be completed in blockbuster move

The much-talked-about takeover of English club Newcastle United is set to be completed with Saudi-backed consortium PCP Capitals Partners paying the deposit amount while exchanging contracts with current owner Mike Ashley.

With contracts exchanged, the only element of the deal left is Premier League’s Owners and Directors’ Test, which verifies the ability to fund the club alongside checking any criminal records of those involved in a takeover.

After the Premier League’s Owners and Directors’ Test is completed, the remained of the £300m fee will be handed over to Ashley and the deal could be officially announced as early as the end of April.

The Premier League began the background checks earlier in April on those involved in Amada Staveley’s consortium, which includes Saudi’s Crown Prince, Mohammed bin Salman.

Saudi’s Crown Price controls the country’s Public Investment Fund (PIF), which is set to own 80 per cent of Newcastle United’s shares.

However, any issues relating to Saudi’s human rights record would need a review from the UK government to decide whether the deal could be finalized – an extremely unlikely prospect.

Gary Caldwell, a product of Newcastle academy, was of the view that Newcastle United could achieve anything with the right backing, strategy and structure.

Caldwell told a leading British news portal: "It is a football-mad city, that with the right backing, strategy and structure behind the scenes it could achieve anything it wants in terms of where it goes because of the fantastic fan base that it has.

"For years now there has been conflict between the owner, the football team and the supporters.