The Premier League has given the green light to the Saudi Arabia takeover of Newcastle United.
The Saudi Arabia Public Investment Fund (PIF) acquired a 100% stake in the club. The takeover is worth £300 million and will make the Saudi owners the richest owners in the Premier League.
Here is what the league body had to say in an official statement for the takeover going through:
” 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 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.”
Mike Ashley had owned the Magpies for the last 14 years and has not been very well received by the fans. The team has been deteriorating for the last few years and is currently battling relegation, in 19th place.
Saudi’s PIF takeover could have gone through 18 months ago, but the beIN Sports piracy issue prevented the Premier League from approving the move. However, the team could be set for a turnaround now that they have a very strong financial backing.