Newcastle's incredible £300m Saudi takeover CONFIRMED with Mike Ashley finally gone and Steve Bruce facing axe
NEWCASTLE’S £300million Saudi takeover has been CONFIRMED – with Mike Ashley gone and Steve Bruce facing the axe.
The deal has been rubber-stamped by the Premier League, bringing an end to Ashley’s 14-year reign and transforming the Magpies into the richest club in the world.
Saudi Arabia’s Public Investment Fund will own 80 per cent, with the billionaire Reuben brothers and financier Amanda Staveley taking 10 per cent each.
Unpopular manager Steve Bruce is now set for the axe with the new owners wanting a fresh start as Newcastle sit 19th in the table.
In a flash, the Toon now have the wealthiest owners in world football – worth a staggering £320BILLION – dwarfing the likes of Manchester City and Paris Saint-Germain.
With the piracy issue finally resolved, the Premier League signed off on the mega deal on Wednesday night.
And it brings an end to a near two-year saga which began last January when a £300m agreement was reached with Ashley.
In a statement, the Premier League 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.
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"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."
Newcastle tweeted: "An investment group led by the Public Investment Fund, and also comprising PCP Capital Partners and RB Sports & Media, has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited from St. James Holdings Limited."
Amanda Staveley, Chief Executive Officer of PCP Capital Partners, added: "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."
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 buyers pulled out last July after the Prem failed to give approval, with most of the Toon Army fearing it was dead in the water.
But delirious Newcastle fans are now celebrating wildly after the removal of Ashley, who bought the club from Sir John Hall in 2007.
But while his controversial reign is now over, attention will now turn to Saudi Arabia’s 'dire' human rights record.
Gary Lineker tweeted: “Football fans want their clubs to succeed, but at what price? The dilemma facing NUFC supporters.”
Amnesty International today urged the Premier League to 'overhaul their standards' regarding human rights.
Saudi Crown Prince Mohammed Bin Salman is the chair of the PIF and was implicated in approving the 2018 murder of dissident journalist Jamal Khashoggi.
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