Premier League confirm Saudi-backed takeover of Newcastle United
It's official: Mike Ashley's 14-year spell as Newcastle owner is over
The Premier League have confirmed that Newcastle United has been sold, with a Saudi-backed consortium replacing Mike Ashley as the club's owners.
Following the news on Wednesday, which saw Saudi Arabia end their dispute with Qatar-based company beIN Sports over the illegal streaming of Premier League football, the all-clear was given to complete the takeover which was halted in 2020.
The new owners, Saudi's Public Investment Fund (PIF), will replace Ashley with immediate effect. The deal is believed to be valued at £300m.
A statement from the Premier League said:
The Premier League, Newcastle United Football Club and Saint 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 and Media. Following the completion of the Premier League's Owner's and Directors' Test, the club has been sold to the consortium with immediate effect.
The imminent completion of the deal drew criticism from Amnesty International earlier in the day, who questioned the Premier League's willingness to allow Saudi ownership of a club given the state's "appalling human rights record."
It is expected that PIF will look to appoint a chief executive and have a number of candidates in mind as well as also appoint senior figures to fill football posts with Manchester City's sporting director Jason Wilcox rumoured to be under consideration according to Telegraph sport.
More to follow...
- Newcastle takeover by Saudi sovereign fund could go through today
- Saudi Arabia ends beIN Sport ban, opening door for Newcastle takeover
- Mike Ashley believes Newcastle United takeover is close