The Saudi PIF is a step closer to the takeover of Newcastle United in a $407 million deal. The Public investment fund (PIF) will provide 80 percent of the SR1.52 billion deal to takeover Newcastle United, the BBC reported. Approval from the Premier League could possibly come in the next 24 hours. The news will delight supporters of the club, after a survey of its supporters" trust on Tuesday showed that 93 percent of its members were in favour of the takeover.