A controversial Saudi Arabian-led consortium have finally ended the unsuccessful 14-year long tenure of ownership by Mike Ashley of Newcastle United.
The £300m deal has received Premier League approval nearly 18 months after it was first proposed.
Owners of such vast wealth are now capable of transforming the fortunes of an underachieving, stagnant club into one of the world’s wealthiest at the flick of a pen.
Saudi Arabia lifted its four-year ban on sports network beIN Sports, thus allowing Premier League, Uefa and Fifa matches to be broadcast legally again.
The Saudi Public Investment Fund (PIF) – the state’s sovereign wealth fund overseen by Crown Prince Mohammed bin Salman – assuraned the Premier League that the Saudi state would not be involved in the day-to-day running of ‘The Magpies‘.
That had been a significant stumbling block when the deal hit the rocks in July last year, with the Premier League.
The Premier League said by way of a statement that the takeover is good to go…
“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United”.
“All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans.”
🤝 An investment group led by the Public Investment Fund, and also comprising PCP Capital Partners and RB Sports & Media, has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited from St. James Holdings Limited.
— Newcastle United FC (@NUFC) October 7, 2021