Takeover of English Premier League club had collapsed last year amid concerns over Saudi human rights abuses.
English Premier League football club Newcastle United have been taken over by a Saudi Arabian-backed consortium, the league said, after a protracted takeover and legal fight involving concerns about piracy and rights abuses in the kingdom.
“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 statement on Thursday.
“Following the completion of the Premier League’s owners’ and directors’ Test, the club has been sold to the consortium with immediate effect.”
The takeover by the Saudi Public Investment Fund initially collapsed last year over concerns about how much control the kingdom’s leadership would have in the running of Newcastle amid concerns about Saudi human rights abuses and the pirating of sports rights.
PIF has had to offer assurances to the Premier League that its chairman, Saudi Crown Prince Mohammed bin Salman, and in turn the state will not have any control of the running of Newcastle.
“We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football,” PIF governor Yasir Al-Rumayyan said.
“We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”
The PIF will be the majority partner alongside wealthy British-based Reuben brothers and financier Amanda Staveley.
More to follow.