Newcastle United's £300m takeover by Saudi Arabia's PIF confirmed after PL gives approval

Newcastle United confirmed that the club will be taken over by a Saudi Arabian-led consortium, thereby ending Mike Ashley's 14-year ownership of the club. Premier League approved the controversial £300 million deal almost 18 months after its proposal. The takeover will make Newcastle one of the world's wealthiest clubs.

Moreover, with Saudi Arabia lifting its four-year ban on sports channel networks beIN Sports, football action from the Premier League, UEFA and FIFA will be broadcasted legally again.

Newcastle's takeover was approved by Saudi's PIF

Newcastle United's takeover was confirmed by the Saudi Public Investment Fund (PIF), which is the country's sovereign wealth fund. It is overseen by Crown Prince Mohammed bin Salman. The PIF ensured the Premier League that the Saudi government will have no role in the day-to-day operations of the club. This was a major hurdle last year as England's top flight was afraid that the PIF, which is a de facto of the Saudi government, would influence the day-to-day operations.

Once the Saudi government provided assurances, the Premier League released a statement for the same. "The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United. All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans," read the statement.

How will Newcastle United ownership be divided?

The Saudi Arabian consortium will own 80% of Newcastle United. Meanwhile, 10% will be owned by billionaire businessmen Simon and David Reuben. The remaining 10% stake will be owned by Amanda Staveley’s PCP Capital Partners. The consortium hopes that this takeover will help them take the club back to the UEFA Champions League. Since Mike Ashley took over the club from Sir John Hall and Freddy Shepherd for £134 million in 2007, it has been relegated twice.

Newcastle United's form in Premier League

Newcastle United continue to struggle in the Premier League as they have failed to win a game after seven matches (3D, 4L). Steve Bruce's side are currently in 19th place in the Premier League standings, one point from safety.