Newcastle takeover completed: Saudi-led consortium end Mike Ashley’s 14-year ownership

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ENGLAND – The £300m takeover of Newcastle United has officially been completed, with a Saudi-led consortium ending Mike Ashley’s 14-year ownership of the club.

The Premier League confirmed the takeover in a statement on Thursday, saying it had received “legally binding assurances” that the Kingdom of Saudi Arabia will not control Newcastle United.

The investment group is led by the Public Investment Fund (PIF) and also comprises of PCP Capital Partners and RB Sports & Media.

Newcastle’s new owners are expected to replace Steve Bruce as head coach, but no decision has yet been made on when this might happen. Newcastle’s next match is against Tottenham on October 17

Amanda Staveley has told Sky Sports News the long-term ambition for Newcastle United is to top the Premier League. “Newcastle United deserves to be top of the Premier League. We want to get there. It will take time, but we will get there,” says Staveley, the chief executive of PCP Capital Partners who is now a director on the Newcastle board.

“We’re proud to be part of the Premier League. It’s an incredibly competitive league, which we love. Premier League football is the best in the world, and Newcastle United is the best team in the world.

“We want to see it get those trophies, obviously. At top of the Premier League, in Europe, but to get trophies means patience, investment, time. We want everybody to work with us to build the club towards what it needs to be.”

Staveley added: “This is a long-term investment. We are excited about the future prospects for Newcastle United.

“We intend to instill a united philosophy across the club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.

“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.”

[skysports]

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