Happening now: New billionaire owners complete Newcastle takeover as club becomes richest at Premier League

Newcastle United are under new Saudi ownership after a £300million deal was agreed with Mike Ashley and signed off by the Premier League.   

The takeover was stopped in its tracks by a piracy dispute between the Gulf state and its Premier League broadcast partner beIN Sports, but that was settled earlier this week, paving the way for the takeover to be completed.

And now the takeover has officially been announced, led by Saudi’s Public Investment Fund (PIF), and including Amanda Staveley and the Reuben brothers.

A Premier League statement read: ‘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. 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.’ 

deal was initially abandoned in the summer of 2020 when the group were unable to provide between themselves and the Saudi state, headed by Crown Prince Mohammed bin Salman.

Now, though, they have been able to provide sufficient proof that the Saudi state will not be in control of the club, and they have passed the Premier League owners’ and directors’ test.

The news will delight Newcastle fans, who flooded social media to celebrate when it was first revealed that the takeover was back on track on Wednesday afternoon.

The north-east club are now set to become one of the richest in the world, and it is expected that the takeover will pave the way for a spending spree in the coming transfer windows.