By Salim Yunusa
Newcastle United are under new Saudi ownership after a £305million deal was agreed with Mike Ashley and signed off by the Premier League.
A statement released by the Premier League on Thursday afternoon confirmed the takeover had now been given the green light.
It 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.’
Mike Ashley’s 14-year reign as owner of Newcastle has come to an end with a £300m takeover
Takeover is backed by Saudi’s Public Investment Fund, led by Prince Mohamed bin Salman (R)
Fans gathered to celebrate outside St James’ Park on Thursday as the takeover was confirmed
The takeover was stopped in its tracks by a piracy dispute between the Gulf state and its Premier League broadcast partner beIN Sports, but that was settled earlier this week, paving the way for the takeover to be completed.
A statement from the new owners read: ‘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. All requisite approvals have been obtained from the English Premier League and the acquisition was completed on 7 October 2021.
‘The Investment Group is comprised of long-term, patient investors who have every confidence in the future success of the Club. Today’s announcement is the conclusion of a thorough and detailed process that has allowed the Investment Group to arrive at a deal that benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy.
‘His Excellency Yasir Al-Rumayyan, Governor of PIF, will serve as Non-Executive Chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital Partners, will have one seat on the board. Jamie Reuben will also be a director of the Club, representing RB Sports & Media.