Newcastle United: Saudi Arabian-Backed Takeover Completed

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Newcastle United has been purchased for £305 million by a Saudi Arabian consortium. After getting “legally enforceable assurances” that the Saudi state would not control the team, the Premier League authorized the takeover.

Instead, the state is considered as independent from the Public Investment Fund (PIF), which will contribute 80% of the funding for the purchase. Despite the fact that Saudi Arabia’s Crown Prince, Mohammed bin Salman, is named as the PIF’s chair, this is not the case.

After passing the Premier League owners’ and directors’ test, the sale was completed. Mike Ashley’s 14-year reign as Newcastle United owner comes to an end with the takeover.

On Thursday, supporters gathered outside Newcastle’s St James’ Park stadium to celebrate the takeover’s approval. Newcastle is one of the wealthiest clubs in the world because to PIF’s £250 billion in assets.

The consortium’s financial director, Amanda Staveley, said the new owners are making a “long-term commitment” to ensure Newcastle is “frequently challenging for major trophies.”

The FA Cup was Newcastle’s last major domestic prize, which they won in 1955.

Source: BBC Sport

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