Newcastle United Announced the Completion of Saudi Backed Takeover of the Club
We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football
On 7th October, Newcastle United Football Club, an English Premier League club, announced that an investment group led by the Public Investment Fund (PIF), 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 for a reported amount of £305 million ($415.14 million).
The English Premier League gave green light to the deal after receiving "legally binding assurances" that the Saudi-state would not control the club and the acquisition deal was completed after a halt of 18-months.
A statement released by the Premier League on the takeover deal said, "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 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."
Newcastle United also announced that His Excellency Yasir Al-Rumayyan, Governor of PIF, will serve as Non-Executive Chairman of Newcastle United and 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.
Commenting on the completion of the takeover deal, His Excellency Yasir Al-Rumayyan, Governor of PIF, said, "We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them."
The takeover will see Saudi Arabia's Public Investment Fund (PIF) take 80% stake at the club and will spell end to Mike Ashley's controversial 14-year ownership of the club, who bought the club for £134m in May 2007. The club was put up for sale by Mike Ashley in October 2017.
