PCP Capital Partners has moved a step closer to buying Newcastle United by lodging paperwork with the Premier League, with concerns over Saudi Arabia's human rights record unlikely to derail the proposed £300m deal.
The Premier League began mandatory background checks earlier this week on those involved in Amanda Staveley's Saudi-backed consortium, which includes Saudi's Crown Prince, Mohammed bin Salman.
He controls the country's Public Investment Fund (PIF) - one of the world's wealthiest sovereign funds - which looks set to own 80 per cent of the club's shares.
Premier League rules allow them to consider the ability to fund the club, alongside any criminal records of those involved in a takeover.
In 2017, the league broadened its scope, allowing them to consider any crimes committed by individuals outside the UK.
However, any concerns regarding Saudi's human rights record would need intervention from the UK government to influence whether the sale could be allowed to go ahead, a move which is thought to be highly unlikely.
On Wednesday, Amnesty International accused Saudi Arabia of "attempting to use the glamour and prestige of Premier League football as a PR tool to improve its image".
Newcastle takeover closer as PL check paperwork
Legal framework for a deal was put in place by the two parties and emerged in public on Tuesday.
Financier Staveley's Saudi-backed consortium will have to pass the Premier League's Owners' and Directors' Test before Mike Ashley's 13-year tenure at St James' Park comes to an end.
Ashley and Newcastle have declined to comment.
Sky Sports News reported in January Staveley's PCP Partners and the Saudi Public Investment Fund (PIF) were in talks to buy Newcastle.
Ashley originally valued the club around £340m and it is thought the coronavirus pandemic has had a significant impact on the value of the club.
Talks have been underway with the Saudi wealth fund for the past 12 months, with the deal being codenamed Project Zebra - reflecting the famous Newcastle kit.
PIF will hold 80 per cent of the club shares, while Staveley, who tried to buy the club in 2017, will hold 10 per cent of the shares and is expected to play a key role in the running of the club.
The final 10 per cent will be controlled by billionaire brothers, David and Simon Reuben.
Should the Premier League ratify the deal, the prospective buyers are understood to have earmarked significant investment into the club.
Ashley has been in control at St James' Park since purchasing a majority stake in the club in 2007.
Newcastle have been twice relegated from the Premier League during Ashley's reign, with supporters protesting on numerous occasions against his ownership.
'New owners will want to take Newcastle back to where they should be'
Jamie Redknapp, speaking on The Football Show:
For Newcastle fans, this is going to be great news. I know the Reuben family, who are involved in buying the club. Right now, they are just waiting because they don't want to come out and talk about astronomical numbers. It feels a little bit uncouth to be talking about that right now.
However, from what I can gather, it's just a matter of time. They will invest, they want to buy big players and take Newcastle back to where they should be again.
It's been tough times for Mike Ashley. He's not always been loved by the Newcastle fans and he's not always helped himself. This might be the best for both parties to separate and give some new owners an opportunity to get the club back on the straight and narrow, and for everybody to enjoy their football up there again because it's such a great place to play.
A good Newcastle challenging for the top six is what we all want.
More than anything it's trying to get a feel-good factor back again. When you go to watch Newcastle we spend half our time talking about the disconnect between the owner and the fans, and it's not ideal.
Football is hard enough as it is and right now there will be a bit of positivity about the club, once this goes through; hopefully, it gets done sooner rather than later.
'Top-six challenge won't be easy'
Jamie Carragher, speaking on The Football Show:
I've been talking about Mike Ashley for so long. I don't think he wanted to be there, and I don't think Newcastle supporters want him to be there.
The big problem the new owners will have is the same as every other club has had when they think they can challenge for the top four.
I look at teams like West Ham and Everton who threw big money at it, thinking they could really challenge for the top six and even the top four.
However, it's very, very difficult and all of a sudden, before you know it, you are in big problems yourself financially because you are really trying to attack those top clubs.
It's going to be very difficult to get Newcastle back to where they belong in terms of challenging for a league title. I don't see that but in terms of maybe challenging for European places, trying to get into the top six, it's not easy.
The big thing for Newcastle is, the supporters had a manager they adored in Rafa Benitez and Mike Ashley lost him, and they brought in Steve Bruce, who I think has done a brilliant job. But he's still not universally loved up there, for whatever reason.
The interesting thing now is whether that is one of the first decisions. You talk about buying and selling players but the most important person at a football club is a manager and I'd love Bruce to actually get the opportunity to show what he can do in terms of the transfer market.
But that will be the biggest decision these new owners have got to make. Do they stick with Steve Bruce? Or do they go and try to get Benitez back or another big-name manager? That's probably actually more important in the supporter's eyes than the players they bring in.