Official: Saudi Arabia Led Consortium Acquires Newcastle United

The Premier League has finally approved the sale of Newcastle United by former owner, Mike Ashley.

The deal follows weeks of secret and rigorous negotiations making the sale the most controversial club takeover in English football history.

The deal which is worth £300m confers ownership of Newcastle to Saudi Arabia’s Public Investment Fund.

The PFI now has an 80 per cent controlling stake in the club, with the London-based Reuben brothers paying for a 10 per cent stake.

Broker, Amanda Staveley, has received 10 per cent for her role in setting up the deal.

The PIF’s chairman is Saudi crown prince Mohammad bin Salman, but the Premier League said it has a legal assurance that the Kingdom will not interfere in the club’s business.

Announcing the development, the Premier League Media released a statement assuring fans that every dispute over who controls the club has been settled.

It said, “The Premier League, Newcastle United Club and St James Holdings Limited have today settled the dispute over the takeover of the club by the consortium of PIF, PCF Capital partners and SB 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 dispute concerns 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 legal binding assurance that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.”