Riyadh: A Saudi-led consortium has completed its long waited 300-million-pound (Rs 30,58,28,70,000) takeover of the Newcastle United Football club, which is part of Premier League (or EPL), on Thursday.
The controversial deal has been delayed for nearly 18 months due to a row between beIN Sports and the Saudis over illegal broadcasts. The sale of the club to Saudi Arabia had already been sounding for a long time and has been secretly revived in recent weeks as a transformative axis for the club and for the northeast region of the country.
The takeover sees Saudi Arabia’s Public Investment Fund, chaired by Saudi Crown Prince Mohammed bin Salman, taking an 80per cent stake in the club, ending retail tycoon Mike Ashley’s 14-year ownership.
Amanda Staveley’s PCP Capital Partners and the Reuben brothers’ RB Sports & Media each take on 10 per cent. The sale was confirmed by Newcastle on Thursday.
“An investment group led by the Public Investment Fund, and also comprising PCP Capital Partners and RB Sports & Media, has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited from St. James Holdings Limited,” Newcastle tweeted.
Later the English Premier League also issued a 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,” the Premier League said in a statement.
“Following the completion of the Premier League’s owners’ and directors’ Test, the club has been sold to the consortium with immediate effect.”
Yasir Al-Rumayyan, the governor of the PIF, will serve as Newcastle’s non-executive chairman 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.”