Saudi-backed consortium completes takeover of Newcastle United
The club has new Saudi Arabian owners following a £300 million deal
Last updated 7th Oct 2021
It's the news every Newcastle United has been waiting for...
A Saudi Arabian-backed consortium has completed the takeover of the club in a deal worth £300 million.
It ends Mike Ashley's 14 year spell in charge at St James' Park, 18 months after he initially accepted the offer.
Rumours of a takeover began in 2017 when businesswoman Amanda Staveley, who has led the Saudi group, was first spotted watching a home game from the stands on Tyneside.
The Premier League have 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. 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 have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership. The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.
All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans.
Well masses of Newcastle fans have gathered around St James' Park where they have been singing, chanting and celebrating the long-awaited takeover: