English Premier League club Newcastle United are in transition as it has been taken over by Saudi Arabia-led consortium who are injecting billions of shillings.
The club has been on a takeover-mode since April 2020, before the buyers withdrew – since there had not been any official communication on who would be the main owner of the club. The club has been bought by a colossal amount of money in tune of £305 million.
There was a disquiet among club fans and the Premier League that the oil-rich country would arm-twist the club management.
The buyers, on noticing that the issue had not been amicably settled, decided to walk away, leaving the transition from Mike Ashley to the new owners still to hang in the balance.
The club has been under Mike Ashley for 14 years since he bought it. During that time, the 1955 FA Cup winners has been relegated a record two times – but has been consistent with finding itself back to the top tier league to compete with top crème clubs in the world of football.
This message of takeover has come as a reprieve to the supporters of the St. James-based club. Club fans were spotted yesterday in a celebratory mood when they got the news of their club’s takeover.
But even before the dust could settle, there were murmurs of the presence of Crown Prince, Mohammed bin Salman, as the chairman of Public Investment Fund (PIF).
PIF is the body that is going to have full control of the club, since it is not part of Saudi government – and boasts of 80% contribution of total funds used to purchase the club.
A statement from the Premier League stated as follows;
“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 and Media.
“The legal disputes concerned which entities would own and/ or have 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 ownership…,” read part of the statement.
With the new dawn now at the club, Newcastle United is now set to compete for Europe’s major titles since with that money, it is going to be one of the most financially endowed club in England.
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