A Saudi consortium led by Saudi Arabia’s sovereign wealth fund has successfully purchased England’s Newcastle United soccer team after 18 months of protracted disputes.
The purchase, for a reported £300 million ($409 million), ends British billionaire businessman Mike Ashley’s 14-year ownership of the team, and will give the Saudi consortium 80% ownership, with a further 10% going to the property developers Simon and David Reuben and another 10% to British investor Amanda Staveley’s PCP Capital Partners.
“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,” a Premier League statement 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 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.”
🤝 An investment group led by the Public Investment Fund, 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.
— Newcastle United FC (@NUFC) October 7, 2021
— Public Investment Fund (@PIF_en) October 7, 2021