The £300m takeover of Newcastle United has officially been completed, with a Saudi-led consortium ending Mike Ashley’s 14-year ownership of the club.
The takeover sees Saudi Arabia’s Public Investment Fund (PIF) take controlling 80-per-cent stake and end Mike Ashley’s controversial 14-year ownership of the club; manager Steve Bruce is expected to be replaced;
The Premier League confirmed the takeover in a statement on Thursday, saying it had received “legally binding assurances” that the Kingdom of Saudi Arabia will not control Newcastle United.
The investment group is led by the Public Investment Fund (PIF) and also comprises of PCP Capital Partners and RB Sports & Media.
Newcastle’s new owners are expected to replace Steve Bruce as head coach, but no decision has yet been made on when this might happen.
Financier Amanda Staveley, who fronted the consortium, said the new owners are making a “long-term investment” to ensure Newcastle are “regularly competing for major trophies”.
A Premier League statement said: “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.
“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.”
The Club then released a statement confirming the news and casted vision for how they see the future of the club. Important details were revealed including the structure of the new board with Yasir Al-Rumayyan, Governor of PIF, will serve as Non-Executive Chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital Partners, will have one seat on the board. Jamie Reuben will also be a director of the Club, representing RB Sports & Media.
Yasir Al-Rumayyan had this to say following the sale of the club being announced.
“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.”
Amanda Staveley stated the following:
“This is a long-term investment. We are excited about the future prospects for Newcastle United.
We intend to instill a united philosophy across the Club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.
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.”
Finally, Jamie Reuben chipped in with a statement of his own as well as a tweet thanking the fans for their support.
“We look forward to a great future for Newcastle United. Newcastle is a fantastic city, which is why our family has been investing heavily in the area for many years. To become part of this great Club and its amazing fans is a privilege.
We will build a true community Club, based upon our family’s knowledge of the city and in line with our plans that have been worked on closely with Newcastle City Council to deliver long-term sustainable growth for the area.”