Newcastle United have confirmed that a consortium led by Saudi Arabia’s sovereign wealth fund has completed its takeover of the football club.
The deal, which sees retail mogul Mike Ashley exit the club after 14 years as owner, is reported to be worth around £300m.
The new owners said: “An investment group led by the Public Investment Fund (PIF), and also comprising PCP Capital Partners and RB Sports & Media, has completed the acquisition of 100 per cent of Newcastle United Limited and Newcastle United Football Club Limited 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.”
It comes just a day after Qatari broadcaster beIN, a major funder of the Premier League, dropped its opposition to the buyout.
The Premier League said it finally agreed to approve the takeover after receiving “legally binding assurances” that the state of Saudi Arabia would not control the club.
“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,” it said.
“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 are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans.”