Newcastle has been bought by the Public Investment Fund of Saudi Arabia and the takeover has been completed within the Premier League. Although Saudi Arabia’s Crown Prince, Mohammed bin Salman, is named as the PIF’s chair, this is not the case. After passing the Premier League owners’ and directors’ test, the sale was completed.
Mike Ashley’s 14-year reign as Newcastle United owner comes to an end with the takeover. Newcastle is one of the wealthiest clubs in the world because of PIF’s £250 billion in assets. A contract was struck in April 2020, but the purchasers 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 a piracy issue with Qatar-based broadcaster beIN Sports. Which has the right to telecast Premier League matches in the Middle East. Human rights violations have been claimed by the Saudi Arabian government. But with the main owner, PIF now considered a distinct company, that, along with any piracy concerns, were no longer a barrier to the Newcastle takeover, according to the Premier League.
According to BBC Sport, a deal was made between the Premier League and the consortium. This was before news of the piracy issue being addressed on Wednesday.
Newcastle Fans Rejoice After the Takeover
Then there was the relief and joy of not being able to grasp what was truly going on following the Newcastle takeover. Let alone that it was occurring. Mike Ashley’s 14-year reign as Newcastle United’s owner has come to an end. After everything they’d gone through, the fans, who had been lectured and chastised for allegedly having unrealistic expectations, had earned the right to rejoice at the very least.
Thousands of people sang, danced, and drank outside St James’ Park, along Barrack Road, and on the Bigg Market, and they may still be lingering around. The bars mustn’t have known what hit them after 18 months of misery due to the epidemic. It was quite the time for celebration for many of the loyal fans of Newcastle.
This season the team hasn’t been able to win a single game and are in the relegation zone. The winter transfer market will be coming up soon. While a team like Newcastle didn’t have the funds to secure the needed signings. This time things look very different from the previous 14 years.
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