Newcastle takeover: Saudi Arabian-backed deal accomplished

A Saudi Arabian-backed takeover of Newcastle United has been accomplished.

The Premier League has authorized the takeover after receiving “legally binding assurances” that the Saudi state wouldn’t management the membership.

As an alternative the Public Funding Fund (PIF), which can present 80% of funds for the £300m deal, is seen as separate to the state.

The sale went via after the deal handed the Premier League homeowners’ and administrators’ check.

A Premier League assertion mentioned: “The Premier League, Newcastle United Soccer Membership and St James Holdings Restricted have right this moment settled the dispute over the takeover of the membership by the consortium of PIF, PCP Capital Companions and RB Sports activities & Media.

“The authorized disputes involved which entities would personal and/or have the flexibility to regulate the membership following the takeover. All events have agreed the settlement is critical to finish the lengthy uncertainty for followers over the membership’s possession.

“The Premier League has now acquired legally binding assurances that the Kingdom of Saudi Arabia won’t management Newcastle United Soccer Membership.

“All events are happy to have concluded this course of which supplies certainty and readability to Newcastle United Soccer Membership and their followers.”

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