The deal was announced 14 months after Saudi Arabia's PIF withdrew a 305 million pound (USD 415.07 million) bid to buy the club.
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On Thursday, a Saudi-Arabian-backed consortium completed its purchase of Premier League club Newcastle United, bringing a long-running takeover saga to a conclusion that the majority of the club’s supporters desired. After a day of mounting excitement on Tyneside, a deal was announced 14 months after Saudi Arabia’s Public Investment Fund (PIF) withdrew a 305 million pound (USD 415.07 million) bid to buy the north-east club from owner Mike Ashley due to the Premier League’s failure to grant regulatory approval. Fans began celebrating outside the St James’ Park stadium after the Premier League announced that the struggling club had been sold to a consortium composed of PIF, PCP Capital Partners, and RB Sports & Media with immediate effect.
PIF governor Yasir Al-Rumayyan, who will become non-executive chairman of Newcastle United, said in a statement that the deal would mean long-term investment to harness the club’s potential and build upon the club’s legacy. “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,” he said.
The takeover, led by PCP Capital Partners’ chief executive Amanda Staveley, brings an end to an unhappy era at St James’ Park and makes Newcastle one of the richest clubs in the world. Staveley will join Jamie Reuben of RB Sports & Media on Newcastle’s board of directors. “This is a long-term investment,” Staveley said in a statement. “Our ambition is aligned with the fans – to create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe,” she added.
A rapid sequence of events rekindled the deal after Qatar-based broadcaster beIN Sports, which owns Premier League rights, announced on Wednesday that Saudi Arabia would lift a ban on it and also shut down illegal streaming services, removing a major impediment to the failed takeover. Another stumbling block was overcome after the Premier League, which was under pressure to block the deal last year, received “legally binding” assurances that there was a clear separation between PIF and the kingdom of Saudi Arabia, despite the fact that PIF is chaired by Saudi Crown Prince Mohammed bin Salman.
“All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans,” the Premier League said. Newcastle coach Steve Bruce’s fate will be high on the agenda of the club’s new owners, who are eager to invest in the club.
“I know everybody has a lot of questions about managers and players and things but right now we just want to get there and do a review of the business. We’re going to let you all know the plans,” Staveley told reporters after the deal was announced.
Hundreds of Newcastle’s so-called Toon Army supporters, who have been protesting Ashley’s management of the club, gathered outside the stadium in the drizzle all day, buoyed by news of the impending takeover.
