The new owners of Newcastle United have revealed their ambitions after the Premier League confirmed that a Saudi Arabian-backed takeover of the club has been completed.
News broke on Wednesday that the proposed deal was set to go through after months of inactivity. And a consortium of PIF, PCP Capital Partners and RB Sports & Media have now officially ended Mike Ashley’s 14 tortuous years at the helm.
The Sports Direct mogul had been trying to sell the Magpies for many years. The Saudi bid seemed to be dead in the water after the Premier League failed to ratify the takeover.
But they released statement on Thursday evening, revealing the news.
It read: “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.
“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.
“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.”
Newcastle set to challenge the big boys again
And the club also issued a statement on the takeover.
“The Investment Group is comprised of long-term, patient investors who have every confidence in the future success of the Club,” it read. “Today’s announcement is the conclusion of a thorough and detailed process that has allowed the Investment Group to arrive at a deal that benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy.
“His Excellency Yasir Al-Rumayyan, Governor of PIF, will serve as Non-Executive Chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital Partners, will have one seat on the board. Jamie Reuben will also be a director of the Club, representing RB Sports & Media.”
Commenting on the agreement, Al-Rumayyan said: “We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football.
“We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”
Staveley has been involved in the project from the beginning. Ashley publicly criticised her after negotiations failed to yield a result.
But she has now delivered and the businesswoman is looking to the future with optimism.
“This is a long-term investment. We are excited about the future prospects for Newcastle United,” she said. “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.”
The future of manager Steve Bruce is now very much up in the air, with reports that the veteran tactician knows his days are numbered.