The Saudi Arabia consortium has officially bought Newcastle United for £305m. This purchase officially ends the reign of Mike Ashely at the Magpies after 14 years.
Newcastle
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The Premier League released a statement to confirm the official takeover of the club by thr consortium of PIF, PCP Capital Partners and RB Sports & Media.
Following the completion of the Premier League's Owners' and Directors' Test, and 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. 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.
The main players in the consortium released a statement today expressing their ambition and commitment to Newcastle.
The Governor of PIF, Yasir Al-Rumayyan also expressed his delight as it concerns the takeover.
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 tremendous loyal support over the years and we are excited to work together with them.
The Chief Executive Officer of PCP Capital Partner, Amanda Stavely confirmed that the investment is a long-term one and they look forward to achieving great things with the club.
This is a long-term investment. We are excited about the prospects for Newcastle United. We intend to instill a united philosophy across the Club, establish a clear purpose and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.
Our ambition is aligned with the fans to create a consistently successful team that's regularly competing for major trophies and generates provide across the globe.
Newcastle fans have flocked the premises of the Saint James' Park following the take over. They are optimistic that their club will have a lot of money to compete in the transfer market with other big clubs in the league.
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