7th October, 2021
The £300m takeover of Newcastle United has officially been completed, with a Saudi-led consortium.
The takeover brings an end to Mike Ashley’s 14-year ownership of the club.
The consortium is made up of PCP Capital Partners, David and Simon Reuben and the Gulf state’s Public Investment Fund. They started planning their bid all the way back in 2017.
Afterward, they tabled their first offer in 2020 only for the Premier League to block the purchase over fears that the Saudi partners would become directors at the club, as well as a dispute over broadcasting rights.
This prompted Ashley to launch two-fold legal action. However, all the legal battle and misunderstandings have been settled now.
The Premier League in a statement on Thursday confirmed that ownership at Newcastle has changed.
“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 statement read.
“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.
“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.”