The takeover of Newcastle United has officially been completed, with a Saudi-led consortium bringing Mike Ashley’s 14-year reign at the club to an end.
According to BBC Sport, the Saudi Public Investment Fund (PIF) – who becomes the majority owner of the club, will provide 80% of funds for the £300 million deal also backed by the Reuben brothers.
The Premier League confirmed the takeover in a statement on Thursday, after a resolution had been reached regarding a piracy dispute with beIN Sports, which owns rights to show Premier League matches in the Middle East.
“The Premier League, Newcastle United Football Club and St James Holdings Limited have today settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media,” the Premier League statement read.
“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect.
“The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover. All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership.
“The Premier League has now received legally binding assurances 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,” the statement added.
Newcastle’s first match under the new regime will be on 17th October when Tottenham Hotspur visit St James’ Park. The Toon Army conclude October with a trip to Crystal Palace six days later, ahead of welcoming title challengers, Chelsea to Tyneside on 30th October.