£300 million Newcastle United takeover confirmed

300-million-newcastle-united-takeover-confirmed




Newcastle United has been taken acquired for £300 million by a Saudi-led consortium, ending Mike Ashley’s 14-year control of the club.

After getting “legally enforceable assurances” that the Saudi state would not control the team, the Premier League authorized the takeover.

Instead, the state is considered as independent from the Public Investment Fund (PIF), which will contribute 80% of the funding for the purchase. Despite the fact that Saudi Arabia’s Crown Prince, Mohammed bin Salman, is named as the PIF’s chair, this is not the case.

“The Premier League, Newcastle United Football Club, and St James Holdings Limited have today settled the dispute over the club’s takeover by the consortium of PIF, PCP Capital Partners, and RB Sports & Media,” according to a statement from the Premier League.

“The legal wrangling centered on whose entities would own and/or have control of the club after the takeover. The resolution has been agreed upon by all parties as required to end the extended period of uncertainty for fans over the club’s ownership.

“The Premier League now has legally enforceable assurances that the Kingdom of Saudi Arabia will not have any control over Newcastle United Football Club.”

“All parties are relieved to have reached a conclusion to this process, which provides certainty and clarity to Newcastle United Football Club and its supporters.”

300 Million Newcastle United Takeover Confirmed

Newcastle is one of the wealthiest clubs in the world because to PIF’s £250 billion in assets.

A contract was struck in April 2020, but the buyers backed out four months later after the Premier League proposed arbitration to settle a dispute over ownership of the team.

Saudi Arabia is thought to have reached an agreement after settling an alleged piracy dispute with Qatar-based broadcaster beIN Sports, which owns the rights to broadcast Premier League matches in the Middle East.

Thousands of Magpies fans have gone to St James Park to celebrate the relocation, which appears to be a huge success.

The Future

Newcastle should have a bright future, according to statements made by the new owners. Newcastle United’s long-term goal, according to director Amanda Staveley, is to win the Premier League.

“Newcastle United is deserving of their Premier League title. We want to be there as soon as possible. It will take some time, but we will get there,” says the narrator.

“We are honored to play in the Premier League. It’s a fiercely competitive league that we enjoy. Newcastle United is the best team in the world, and Premier League football is the best in the world.

“Of course, we want to see it win those trophies. Top of the Premier League, top of Europe, but winning championships takes time, patience, and investment. We want everyone to join us in shaping the club into what it needs to be.”

The FA Cup was Newcastle’s last major domestic prize, which they won in 1955.

The consortium does not want to make any snap choices, but it is known that determining who will take over in the dugout at St James’ Park in the future is one of the top priorities.

Newcastle’s new owners are expected to choose a new head coach to replace Steve Bruce, although no timetable has been set.

“I’m thrilled for the club that this has gone through,” Bruce said in a statement. “It’s a fantastic night for the fans, and I’m overjoyed for them.” I’d like to keep going, but I need to be realistic. I’m not foolish, and I’m aware of the risks associated with new owners.”

End of an Era

Mike Ashley, the CEO of Sports Direct, purchased Newcastle for £134 million in May 2007. ‘”I want to have a good time and win some trophies,” Mike Ashley declared shortly after taking over in 2007. On every level, he has failed, and he has led Newcastle through one of their darkest moments.

In his 14 years as manager, he has presided over two of Newcastle’s six relegations in the club’s 129-year existence and has failed to win a single major title.

He put the club up for sale for the first time in September 2008, following a series of fan demonstrations following the resignation of popular manager Kevin Keegan.

Newcastle was demoted from the Premier League that season and again in 2015-16, but won the Championship both times to return to the top flight at the first opportunity.

The Magpies’ best Premier League finish under Ashley was fifth in 2011-12, while Alan Pardew was in charge.

After seven games, the club is 19th and winless, with manager Steve Bruce under fire – according to a Newcastle United Supporters’ Trust (NUST) poll released this week, 94 percent of fans want Bruce to quit.




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