It has finally completed, after so long of speculation and getting rejected and being put on halt, the Newcastle United Saudi Arabian takeover has finally completed today.
The public investment fund, who is owned by the crown Prince of Saudi Arabia Mohammed bin Salman we’re trying to takeover Newcastle United but premier league halted the takeover on issues that the state of Saudi would be in control of the club among other reasons.
Now after so long of going back and forth, premier league has finally approve the takeover after receiving legal assurance that the state of Saudi would not be the one to control the club
The public investment fund, which owns 80% of the club now is seen as a separate entity to the state despite the crown Prince of Saudi Arabia being listed as the chairman of the organisation.
The 305 million take over sale finally went through after the deal passed the premier league owners and directors test ending Mike Ashley is 14 year spell as the Newcastle owner.
REJOICE FROM NEWCASTLE FANS ALL OVER THE WORLD
This news was met with an amazing response from the Newcastle fans who have been eagerly awaiting this deal to go through, as all hope was gone under Mike Ashley during the 14 years which reduced Newcastle United to a relegation club.
Thousands of Newcastle fans were seen outside of Saint James stadium celebrating the news as many of the fans were seen holding the flag of Saudi Arabia and pictures of the new owner.
The new hope!
And the fans do indeed have a reason to celebrate!
The public investment funds have assets worth 250 billion pounds making Newcastle one of the richest clubs in the entire world
And the financer Amanda Stavrley said that the new owners are making a long-term investment to ensure that New castle will be regularly competing for the major trophies.
Newcastle United last major trophy was all the way seven decades ago when they managed to win the FA Cup in 1955 since then they have failed to win any significant trophy and friends will be hoping the scenario now changes with the new owner I’m bringing in all the attraction to the club and hopefully better players which will enable them to compete for major trophies in the upcoming seasons.
WHAT DID THE PREMIER LEAGUE SAY FOR THE NEWCASTLE TAKEOVER??
The premier league released a statement which said that “The premier league Newcastle United football club and Saint James holding limited how together settled the dispute over the takeover of the club by the public investment front, PCP capital partners and RB sports and media”
Another statement read “the legal disputes concerned which entities would own or have the ability to control the club following the undertaking of the club. All parties have a good read the settlement is necessary to end the long uncertainty for the fans over the club’s ownership”
“The premier league has now received legally binding assurance that the kingdom of Saudi Arabia will not control Newcastle United football club”
“all parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United football club and their fans”