Protracted Newcastle Sale To Saudi Owners Confirmed By Premier League

The protracted takeover of English club Newcastle United by Saudi Arabia’s Public Investment Fund has finally received approval from the Premier League.

The deal which was confirmed in a statement released by the Premier League on Thursday brings an end to the tumultuous 14-year reign of former owner Mike Ashley.

The takeover sees the Saudi-based PIF take an 80 per cent stake in the club, while Englishwoman Amanda Staveley’s PCP Capital Partners and the Reuben brothers’ RB Sports & Media each take on 10 per cent.

The statement reads, “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,” the statement read.

“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect.

“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.

“All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans.”

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG