The takeover of English Premier League side, Newcastle United has been completed, the Premier League has officially confirmed.
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.
And with richer owners now at the helm, the club’s ambitions will automatically increase and there are rumours in some quarters that manager, Steve Bruce is expected to be replaced.
The news was greeted by cheers from majority of Newcastle fans who remarked, “We’ve got our club back!”
A statement from new chairman, 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.”
On their part, the Premier League said in a statement on Thursday that they got a legal assurance that the Saudi Arabia Government won’t be the one running the club.
“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.”
Newcastle are next in action against Tottenham Hotspur on October 17.