Newcastle United are under new ownership, with a £300 million ($408m) deal led by a Saudi Arabian consortium being completed as Mike Ashley’s 14-year tenure at St James’ Park comes to a close.
The Premier League have released an official statement confirming that the takeover has been completed, which reads: “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.”
Amid controversy over the new owners, the league added: “The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.”
Saudi Arabia’s Public Investment Fund (PIF) have acquired an 80 per cent controlling stake in the Magpies, with Ashley’s controversial ownership coming to an end as a result.
With PIF providing 80% of the funds for a takeover, a deal has passed the Premier League’s owners’ and directors’ test regarding who is calling the shots at St James’ Park.
With a green light given by the English top-flight, following a breakdown in discussions back in July 2020, Newcastle can now start planning for what they hope will be a brighter future.
Staveley’s PCP Capital Partners and the Reuben brothers are also among the partners that now hold the reins of an ambitious but success-starved outfit.