An official statement from Newcastle United acknowledged the Club’s takeover after an 18-month saga that saw the Club embroiled in legal wranglings with the Premier League.
The club disc closed this in a statement that, “An investment group led by the Public Investment Fund, and also comprising PCP Capital Partners and RB Sports & Media, has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited from St. James Holdings Limited.
“The Investment Group is comprised of long-term, patient investors who have every confidence in the future success of the Club. Today’s announcement is the conclusion of a thorough and detailed process that has allowed the Investment Group to arrive at a deal that benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy.”
The Premier League released in a statement last year:
“The Premier League Board has, on a number of occasions, given its opinion about which entities it believes would have control over the Club should the consortium proceed with the acquisition. That opinion is based on legal advice.”
The Premier League further said the potential takeover could proceed to the next stage if the relevant authorities provide all necessary information.
The PIF has had to offer assurances to the Premier League that its Chairman, Mohammed bin Salman, Saudi Crown Prince, and in turn the kingdom (Saudi Arabia) will not have any control of the running of Newcastle United, which in turn led to the approval of the acquisition by the Premier League.
His Excellency 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.”