A Saudi led investment group have taken over Newcastle United Football Club, the premier league has said in a statement.
“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect,” EPL said.
The consortium includes the kingdom’s $430 billion sovereign wealth fund PIF, chaired by Saudi crown prince Mohammed bin Salman, meant to transform its economy by diversifying revenues away from oil.
“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,” EPL said.
“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect.”
“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.”