Newcastle United’stakeover has been completed, with the club changing hands from Mike Ashley to Saudi Arabia’s Public Investment Fund. The Saudi state’s sovereign wealth means that the club is now the richest in world football.
While the Magpies might be struggling to produce results on the pitch, their fortunes off it have turned around. After months of deliberations, the club has been purchased by a consortium led by Saudi Arabia’s Public Investment Fund.
The consortium completed the takeover on October 7 – which was confirmed by the club via their official website as hordes of Newcastle United fans gathered around the stadium to celebrate the end of Ashley’s reign.
Newcastle United confirmed in the evening of October 7 that an investment group comprising the PIF, PCP Capital Partners, and RB Sports & Media had completed the 100 percent acquisition of the club from St James Holdings Limited.
The takeover brought an end to the much-maligned Ashley’s 14-year-old ownership regime, during which time the team was relegated to the EFL Championship twice.
PCP Capital Partners’ Amanda Staveley, who was largely considered the face of the takeover, spoke to the club website on Thursday, confirming that the Investment Group is in it for the long term.
“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.”
Staveley said.
As per The Athletic, Staveley’s company owns just ten percent of the club, as does the RB Sports & Media group. Eighty percent of the ownership falls to the Saudi state (PIF), who also provided the majority of the capital to complete the 300 million pounds takeover and whose 320 billion euros net worth makes the club the richest in the world.
Newcastle are currently second from the bottom in the Premier League with the future of manager Steve Bruce up in the air – even more so following the change in ownership.
