Categories: Sports

Saudi-led Consortium Completes Newcastle Takeover

Ekohotblog reports that a saudi-led consortium has completed a takeover of Newcastle united in a deal worth £300m

This takeover puts an end to Mike Ashley’s 14 – years ownership of the English club.

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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 now 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.

In a statement released by the PIF governor Yasir Al-Rumayyan, he 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.”

This comes as a new dawn for Newcastle united and her fans who are presently gathered at St James Park to celebrate the good new.

Newcastle United player, Allan Saint-Maximi has also tweeted saying
“A new start with an ambitious Newcastle United 🙌🏾 You deserve it more than anyone 🤝 Enjoy ❤️”