An investment group led by the Public Investment Fund (PIF), comprising of PCP Capital Partners and RB Sports & Media, has completed the 100% acquisition of Newcastle United Football Club.
The PIF will own 80% of the club. RB Sports & Media will own 10% and, the remaining 10% will go to PCP Capital Partners.
The Premier League approved the takeover after receiving "legally binding assurances" that the Saudi state would not control the club, despite the Crown Prince of Saudi Arabia, Mohammed bin Salman, being listed as the Chair of PIF.
A deal was initially agreed in April 2020, but the investors walked away after the Premier League offered arbitration to settle the disagreements on who would control the club.
However, a key obstacle to the deal was removed when Saudi Arabia lifted its ban on beIN Sports, which own broadcast rights to show Premier League matches in the Middle East.
Commenting on the agreement, Yasir Al-Rumayyan, Governor of PIF, 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."
Amanda Staveley, Chief Executive Officer of PCP Capital Partners, said: "This is a long-term investment. We are excited about the future prospects for Newcastle United.”
"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."
Jamie Reuben of RB Sports & Media said: "We look forward to a great future for Newcastle United. Newcastle is a fantastic city, which is why our family has been investing heavily in the area for many years. To become part of this great Club and its amazing fans is a privilege”.
PIF have assets worth around £250bn making Newcastle United one of the richest clubs in world football.
The announcement marks the end of Mike Ashley’s 14-year ownership at the club. Ashley, who bought the club for £134m in 2007, will no longer be involved with the football club.