Saudi Binladen Group eyes Newcastle United

English Newcastle United have again been linked with a potential takeover.

Reports first emerged on Friday suggested that owner Mike Ashley is in discussions with the New York-based private equity fund InterMedia Partners, to takeover the club for GBP 420 million.

While Newcastle labeled the reports as "absolute nonsense", it was later confirmed by the BBC that the American group was approached about a deal, made no offer and has no interest.

But just when that denial was about to close the coffer, a Saturday report in the Daily Mail has revealed that a new potential buyer has suddenly emerged.

The Saudi Binladen Group (SBG), a construction company run by the family of terrorist Osama bin Laden, is said to be considering a deal to takeover the club and then carry out a lucrative redevelopment of St James' Park and land surrounding the ground.

A spokesman for Ashley refused to comment.

If the Bin Laden family, who publicly distanced itself from the founder of Al-Qaeda years ago, will go ahead and buy the club - it would be football's most controversial takeover. It is believed however that SBG would pass the Premier League's "fit and proper person" test.

According to the Daily Mail, representatives of SBG are believed to have been in Newcastle in recent weeks for preliminary talks and to examine in detail the site's potential for transformation into a huge retail, leisure and luxury accommodation development.

Ashley bought Newcastle from Freddy Shepherd last year for GBP 134.4 million and invested further GBP 100 million, out of GBP 80 million worth of debts payments.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.