The Premier League has confirmed that the Saudi-led takeover of Newcastle United has been completed.
Saudi Arabia’s Public Investment Fund will own 80 per cent, with the billionaire Reuben brothers and financier Amanda Staveley taking 10 per cent each.
The consortium includes the kingdom’s $430 billion sovereign wealth fund PIF, chaired by Saudi crown prince Mohammed bin Salman, which is at the centre of plans to transform its economy by creating new sectors and diversifying revenues away from oil.
“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect,” the Premier League said.
“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 investment group, which also includes PCP Capital Partners and Reuben Brothers, had previously made public a 305 million pounds ($415.07 million) bid to buy the north-east club from British businessman Mike Ashley on April 9, 2020.
“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.”
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