Thu 07 October 2021:
Newcastle United, an English Premier League football club, has been taken over by a Saudi Arabian-backed consortium, according to the league.
“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 a statement on Thursday.
𝐏𝐑𝐈𝐃𝐄 🙌
🗣 His Excellency Yasir Al-Rumayyan, Governor of PIF.
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— Newcastle United FC (@NUFC) October 7, 2021
“Following the completion of the Premier League’s owners’ and directors’ Test, the club has been sold to the consortium with immediate effect.”
Last year, a 300 million pound ($409 million) takeover by the Saudi Public Investment Fund fell through due to concerns about how much control the kingdom’s leadership would have over Newcastle’s management, as well as concerns about Saudi human rights violations and sports rights piracy.
PIF’s Governor Yasir al-Rumayyan said: “We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”
Al-Rumayyan will serve as Non-Executive Chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital Partners, will have one seat on the board. Jamie Reuben will also be a director of the Club, representing RB Sports & Media.
🤝 An investment group led by the Public Investment Fund, and also comprising PCP Capital Partners and RB Sports & Media, has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited from St. James Holdings Limited.
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— Newcastle United FC (@NUFC) October 7, 2021
Mike Ashley, the British billionaire and CEO of sporting goods company Sports Direct, previously owned Newcastle United, which he purchased for $175 million in 2007. Many fans were unhappy with Ashley’s reign, blaming him for not investing enough on the team.
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