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Saudi Led Newcastle United Takeover Completed

The investment group led by Saudi Arabia’s Public Investment Fund (PIF), and comprising PCP Capital Partners and RB Sports & Media, has completed the 100% acquisition  of Newcastle United Limited and Newcastle United Football Club Limited from Mike Ashley’s St. James Holdings Limited.

 

 

The takeover was confirmed on Thursday after all requisite approvals, including the completion of the Premier League’s Owners’ and Directors’ Test, were obtained from the League and the acquisition was completed on 7 October 2021.

 

Legal disputes concerned which entities would own and/or have the ability to control the club following the takeover were settled with the Premier League receiving legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.

 

The takeover brings an end to Mike Ashley’s 14 year ownership of the club and will see His Excellency Yasir Al-Rumayyan, Governor of PIF, serve as Non-Executive Chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital Partners, will have one seat on the board. Jamie Reuben will also be a director of the Club, representing RB Sports & Media.

 

For PIF, Saudi Arabia’s investment vehicle, the acquisition is in line with its strategy of focusing on key sectors including Sports and Entertainment, and aligns with PIF’s mission to actively invest over the long term – in this case, to harness the Club’s potential and build upon the Club’s legacy.

 

In a statement released just after the announcement, 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.”

 

Amanda Staveley, Chief Executive Officer of PCP Capital Partners, who has fronted the takeover bid and will share a 20% stake in the club with RB Sports & Media, said: “This is a long-term investment. We are excited about the future prospects for Newcastle United. We intend to instill a united philosophy across the Club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.

 

“Our ambition is aligned with the fans – to create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe.”

 

Jamie Reuben of RB Sports & Media, added: “We look forward to a great future for Newcastle United. Newcastle is a fantastic city, which is why our family has been investing heavily in the area for many years. To become part of this great Club and its amazing fans is a privilege.

 

“We will build a true community Club, based upon our family’s knowledge of the city and in line with our plans that have been worked on closely with Newcastle City Council to deliver long-term sustainable growth for the area.”