Saudi Arabia-backed consortium completes takeover of Premier League club Newcastle United to end 18-month saga
/dnl.eurosport.com/sd/img/placeholder/eurosport_logo_1x1.png){kind=logo}
Updated 07/10/2021 at 18:35 GMT
A consortium backed by the Saudi Public Investment Fund (PIF) has completed its takeover of Newcastle United to bring Mike Ashley's 14-year reign to an end. The £300 million deal has been completed 18 months after the consortium, fronted by financier Amanda Staveley, first had an offer for the club accepted.
'We are here to invest' - Staveley on Newcastle
A Saudi Arabian-backed consortium has completed its protracted takeover of Newcastle United.
On Thursday, the Premier League confirmed it had given its approval after the consortium proved that the club would not be controlled by the Saudi state.
The Public Investment Fund (PIF), which will provide 80 per cent of the funds for the £300 million deal, has been deemed to be separate from the state, allowing the takeover to pass the Premier League owners' and directors' test.
Confirmation of the deal brings to an end the 18-month saga that has ensued since the consortium first agreed a deal to buy Newcastle in April 2020.
It also concludes Mike Ashley's 14-year reign as the Premier League club's owner, which has been characterised by a lack of investment amid an often-fractious relationship between the businessman and Newcastle supporters.
A 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 has be the public face of the takever and she is looking to bring success for the fans.
"Our ambition is aligned with the fans," Staveley said. "To create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe."
More to follow...
Scan me
Related Topics
Share this article
Advertisement
Advertisement