October 07, (THEWILL) – Newcastle United has been taken over by a Saudi Arabian-backed consortium after a long and drawn-out process.
The Premier League announced on Thursday that it had given its approval after the consortium demonstrated that the club would not be owned by the Saudi government, which was the final step in the process as THEWILL reported earlier.
The PIF, which will supply 80% of the funds for the £300 million acquisition, has been declared distinct from the state, allowing the buyout to pass the Premier League Owners’ and Directors’ criteria.
The deal’s confirmation brings an end to an 18-month ordeal that began when the consortium agreed to buy Newcastle in April 2020. It also marks the end of Mike Ashley’s 14-year rule as Newcastle United’s owner, which has been marked by a lack of investment and a tumultuous relationship between the tycoon and the club’s fans.
An official statement from the Premier League 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 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.”
Amanda Staveley will be the public face of the takever and she is looking to bring success for the fans. She said: “Our ambition is aligned with the fans. To create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe.”
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
