Club Newcastle United said the league club had been officially taken over by a Saudi-backed consortium.
“Following the completion of the Premier League owners and directors’ tests, the club has been sold to a consortium with immediate effect,” the Premier League said.
The consortium includes the Public Investment Fund (Public Investment Fund/IPF) belongs to the Saudi Kingdom worth $430 billion, chaired by crown prince Mohammed bin Salman. He is a key figure in plans to change the direction of the kingdom’s economy by creating new sectors and diversifying oil revenues.
The consortium, which also includes PCP Capital Partners and Reuben Brothers, previously announced a $415.07 million bid to buy the club from British entrepreneur Mike Ashley on April 9, 2020.
However, the deal fell through in July 2020 amid scrutiny from the Premier League, which has come under pressure to halt sales due to concerns over alleged broadcast piracy in Saudi Arabia.
“The Premier League, Newcastle United Football Club and St James Holdings Limited have today resolved a dispute over the takeover of the club by a consortium of PIF, PCP Capital Partners and RB Sports and Media,” the league added.
“Legal disputes regarding which entity will own and/or have the ability to control the club after the takeover,” he said.
“The Premier League has now received a legally binding guarantee that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.” [ah]