Officially, the Saudi Investment Fund acquires Newcastle
The English Premier League announced, on Thursday, the transfer of ownership of the English club Newcastle United to the Saudi Public Investment Fund, in a deal estimated at 305 million pounds.
By acquiring 100% of Newcastle United's shares, the Saudi Public Investment Fund puts an end to Mike Ashley's 14-year term.
In a tweet to the Saudi Public Investment Fund via his Twitter account, he said: “An investment group led by the Public Investment Fund, which also includes Capital Partners and RB Sports & Media, the Investment Group, has completed the 100% acquisition of Newcastle FC. United England.
His Excellency Mr. Yasser bin Othman Al-Rumayyan, Governor of the Public Investment Fund, commented on the acquisition, saying: “Today we are pleased to announce the acquisition of Newcastle United, one of the most famous clubs in English football, and on this occasion we thank the Newcastle fans for their loyalty to this prestigious entity. Over the years, we look forward to working with them for the benefit of the club.”
Newcastle United fans showed their great happiness with the deal, and they flocked today in front of "St James' Park" to celebrate, after the confirmed news of the Saudi Public Investment Fund's settlement of the deal to buy the English club.
Newcastle is set to become one of the richest clubs in the world, and the acquisition is expected to pave the way for a spending spree in the upcoming transfer periods, with the aim of raising the club to the ranks of the major European clubs.
