Mike Ashley is no longer the Newcastle United owner. After 14 years, he has sold the club and a Saudi led consortium have taken over. The Premier League have approved the takeover and Newcastle now have the richest owners in English football.
The Premier League say that "following the completion of the Premier League's Owners' and Directors' Test, the club has been sold to the consortium with immediate effect." The sale has been criticised by human rights groups given the controversies involvig Saudi Arabia but the Premier League has "received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club."
It puts an end to the longstanding legal dispute surrounding the club. There was talk of the club being sold in summer 2020, but silence from the Premier League led to the deal being halted. The deal was later called off, but it has now returned and been ompleted.
PIF, PCP Capital Partners and RB Sports & Media are the consortium to have taken over. 80 percent of the deal would be funded by Saudi Arabia's Public Investment Fund, with British financier Amanda Staveley's firm providing 10 percent and the other 10 percent coming from British billionaire brothers David and Simon Reuben. The Public Investment Fund reportedly has a net worth of 320 billion pounds.
The Premier League concludes that all parties agreed a settlement was needed and that "all parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans."
Public Investment Fund (PIF) governor Yasir Al-Rumayyan said: "We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them."
Amanda Staveley, chief executive officer of PCP Capital Partners, said: "This is a long-term investment. We are excited about the future prospects for Newcastle United."
Newcastle currently sit 19th in the Premier League with just three points and their next game is at home to Tottenham on 17th October at 17:30 CEST.
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