Newcastle United takeover: Premier League approves Saudi-led takeover

Mike Ashley’s tenure as Newcastle United owner looks like it’s coming to an end with a takeover deal by Saudi Arabia backed PCP Consortium expected to be completed soon

By Martyn Simpson

7th Oct 2021, 12:05pm

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The Saudi-led takeover of Newcastle has been approved, the Premier League has announced.

The PCP Consortium will become the new owners of the club, taking over from the exiting Mike Ashley who has been looking for a buyer for some time.

Controversy has surrounded the deal, which has been almost two years in the making, but it is set to make Newcastle United one of the richest clubs in the world.

The Premier League said it had settled legal disputes that had initially stalled the takeover process, and received “legally binding assurances” that the Saudi Arabian government will not effectively own the club.

For all the latest on the NUFC takeover, head over to our sister title NewcastleWorld.com and follow Liam Kennedy's coverage on Twitter at @newcastle_world and @LiamJKennedy23

Here’s everything you need to know about the takeover...

What has the Premier League said?

The Premier League statement read: “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.

“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.”

What have Newcastle United said?

Newcastle also released a statement, confirming that Yasir Al-Rumayyan, the governor of the Public Investment Fund (PIF) will act as the club’s non-executive chairman, while Amanda Staveley, chief executive of PCP Capital Partners, will have a seat on the board.

The statement added: “The Investment Group is comprised of long-term, patient investors who have every confidence in the future success of the Club.

“Today’s announcement is the conclusion of a thorough and detailed process that has allowed the Investment Group to arrive at a deal that benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy.”

Who is buying Newcastle United and for how much?