Newcastle starts new era with Saudi-led takeover complete

Newcastle starts new era with Saudi takeover complete

Mike Ashley’s 14-year reign as Newcastle’s owner is over and a new era for the Magpies has begun.

A consortium led by Saudi Arabia has finalized the takeover of Newcastle.

“An investment group led by the Public Investment Fund (PIF), and also comprising PCP Capital Partners and RB Sports & Media (the “Investment Group”), has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited (“Newcastle United” or the “Club”) from St. James Holdings Limited.,” stated Newcastle United in an official announcement.

The Premier League received “legally binding assurances” from the country of Saudi Arabia that it will not control the team. The Public Investment Fund (PIF) will provide 80% of the funds in the £300m deal.

Newcastle is now the richest club in the world. Saudi Arabia’s Public Investment Fund net worth is £320 billion, compared to Man City’s Sheikh Mansour net worth of £23 billion.

Newcastle fans celebrated the takeover in the streets near St. James Park. “We’ve got our club back!”

Photo: Wikimedia Commons/Martin Le Roy

Related posts

Ole Gunnar Solskjaer returns to Camp Nou, looking for a second Champions League miracle

Robert Baum

FC Barcelona’s best forwards of all-time

Robert Baum

Arsenal tempt Fiorentina with fresh €70m bid for Dušan Vlahovic

Robert Baum

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More