Football

Saudi Arabia’s Public Investment Fund complete Newcastle takeover

The takeover of Newcastle United by the Public Investment Fund (PIF) of Saudi Arabia has been completed.

The takeover of Newcastle United by the Public Investment Fund (PIF) of Saudi Arabia has been completed.

The news was confirmed on Thursday after well over a year of interest. It brings an end to previous owner Mike Ashley’s spell at the helm on Tyneside after 14 years.

Following Premier League approval on Thursday, the PIF provided 80% of the £300 million to complete the deal.

The Premier League revealed in an official statement: ” 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.

“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.”

Human rights abuses and piracy issues had resulted in the takeover dragging on for 18 months and the parties were set for an arbitration hearing in January.

However, with new majority owner PIF now deemed a separate entity to the state, the league have given the takeover the green light.

Get more stories like this on Twitter and Telegram

Recommended Stories