A Premier League statement read: “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.
“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect.”
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.
What Happens Now?
A Saudi-led consortium are set to complete their takeover of Newcastle United bringing Mike Ashley’s 14-year ownership of the club to an end, but what does it mean going forward?
The takeover will involve Saudi Arabia’s Public Investment Fund (PIF) taking a controlling 80 per cent stake in the club, with the purchasing consortium led by Amanda Staveley.
Sky Sports News reporter Keith Downie explains how and why Newcastle are on the verge of becoming one of the richest football clubs on the planet.
Newcastle’s New Owners ‘Extremely Proud’
Newcastle’s new owners have released a statement following the confirmation the takeover has been completed.
Commenting on the agreement, 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.”