The new owner of Newcastle spent more than the PS305million needed to buy the club on a fake Da Vinci painting
Mohammed bin Salman is close to completing his PS305million deal with Newcastle to buy the Magpies. It has been revealed that the Saudi crown prince spent more than this on a fake Leonardo Da Vinci painting.
The takeover is now at the point of completion. There has been a tremendous turnaround in the last 24 hours.
Premier League initially blocked the deal due to various concerns. Mike Ashley, current Toon chief, filed legal action.
These fears are now over, and the takeover will be confirmed on Thursday.
Once contracts are signed, the Magpies’ new owner will likely invest PS250m in the club.
However, that and the initial PS305m payment to rid Mike Ashley’s club of Mike Ashley will only make a tiny dent in his fortune.
Forbes has revealed that bin Salman will spend less to acquire the club than he spent on a painting he believed was by Da Vinci, only to discover it to be a fraud.
Salvator Mundi was bought for PS340m. However, unexpectedly, the Louvre Abu Dhabi museum pulled the painting from its planned unveiling in 2018, raising doubts about the painting’s authenticity.
Artnet reported that the painting was found on bin Salman’s yacht a year later. Three experts from Paris’ Louvre concluded that the painting belonged to Da Vinci, and that the crown prince offered to lend it to the Louvre to display the original. But, the proposal was turned down.
Newcastle fans were delighted to hear of the imminent takeover.
Throughout his 14-year reign of power, Ashley’s fans have protested.
It is expected that Steve Bruce, the beleaguered boss, will be relieved from his duties upon the completion of the deal. New investment will also be made to help the club’s infrastructure and new players.
Bruce originally didn’t expect to return following the first lockdown, when the deal appeared to be close before several obstacles prevented it from being completed.
Magpies fans are now just hours away from the day many of them have longed for.