Newcastle Receive Takeover Boost After Potential Buyer James Pallotta Confirms Sale of Roma

06 August 2020 03:05

The Newcastle takeover saga rumbles on, after possible buyer James Pallotta agreed to sell Roma, potentially paving the way for the American to purchase the Magpies.

Newcastle's proposed takeover came to an abrupt halt at the end of July as Saudi Arabia's Public Investment Fund ended its bid to buy the club.

The Magpies had been the subject of a £300m takeover fronted by businesswoman Amanda Staveley and backed by Saudi Arabia's PIF for the best part of four months.

However, the PIF eventually ran out of patience as the deal continued to be scrutinised as part of the Premier League owners' and directors' test.

Newcastle fans were left not best pleased, with the buyers promising investment in the club and squad. Instead, another season under the Mike Ashley regime looms.

However, Magpies supporters have been offered a boost after AS Roma confirmed on the club's official website that chairman and co-owner Pallotta had agreed to sell the club to the Friedkin Group for £530m.

Dan Friedkin, Chairman and CEO of The Friedkin Group, said: “All of us at The Friedkin Group are so happy to have taken the steps to become a part of this iconic city and club. We look forward to closing the purchase as soon as possible and immersing ourselves in the AS Roma family.”

The Northern Echo reported on Wednesday that Pallotta could reinvest a percentage of the Roma sale into Newcastle. Having traditionally dismissed talk of him purchasing an English football club, the American billionaire declined to comment on speculation linking him with buying the Premier League side.

A Pallotta takeover would not be dogged by the controversies and length owners' and directors' test that Staveley and the PIF were the subject of. The 62-year-old already the co-owner of NBA side Boston Celtics, in addition to having co-owned Roma since 2011.

Source: 90min