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
