Newcastle Utd SOLD in Saudi takeover – new owner statement IN FULL as Mike Ashley leaves

Newcastle United: What will the takeover mean?

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Newcastle United have confirmed that the club has been taken over by a Saudi-led consortium, ending Mike Ashley’s 14-year stay at St James’s Park. The club’s new non-executive Chairman, His Excellency Yasir Al-Rumayyan, has thanked Newcastle fans for their support during the takeover campaign.

The Saudi Arabian Public Investment Fund (PIF) will control 80 percent of the club.

PCP Capital Partners, which includes chief executive Amanda Staveley, and RB Sports & Media, will control the remaining 20 percent.

The Premier League confirmed the takeover on Thursday October 7, revealing it had received “legally binding assurances” that the entire kingdom of Saudi Arabia won’t be controlling Newcastle.

Al-Rumayyan has admitted that he’s incredibly proud to be taking the reins at the Magpies.

Commenting on the agreement, 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.

“We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”

More to follow…

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