Newcastle United sold to a Saudi Arabian consortium in €300m deal
Newcastle United football club is officially under new ownership today, Thursday, October 7. This comes as the result of a £300million deal being closed, involving a Saudi Arabian consortium led by the Saudi Arabian Public Investment Fund.
Mike Ashley‘s 14-year reign as the owner of the Toon comes to an end with this takeover. Ashley signed the club over to the investors – with the PIF chaired by Crown Prince Mohamed bin Salman – now making the northeast club one of the richest in the world of football.
Signed off by the Premier League, they released a statement that read, “The Premier League, Newcastle United Football Club, and St James Holdings Limited, have today settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners, and RB Sports & Media. Following the completion of the Premier League’s Owners’ and Directors’ Test, the decision sees Newcastle United sold to the consortium with immediate effect”.
It continued, “The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover. All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership. The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club”.
Adding, “All parties are pleased to have concluded this process, which gives certainty and clarity to Newcastle United Football Club and their fans”.
In a deal shrouded in secrecy, there had been doubts earlier in the week as to whether the deal would be revived and finalised. This was due to the ongoing dispute between the Gulf state and its Premier League broadcast partner beIN Sports, over piracy claims. As this issue was resolved a few days ago, it left the door wide open for the agreement to be completed.
It now remains to be seen if the riches are invested into acquiring some of the world’s top football stars to St James Park in the January transfer window. There is certainly not going to be any shortage of money in the Public Investment Fund of Saudi Arabia, as reported by mirror.co.uk.
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