Newcastle United Bought By Saudi-Led Group
The club are now rich AF.
Supporters of Newcastle United are living in a Geordie wonderland after a Saudi Arabia led takeover of the club has been completed. The Public Investment Fund (PIF) buying the Premier League club in a deal worth around £305 million.
As part of the agreement with Newcastle, PIF will take an 80% stake, with private equity firm Reuben Brothers paying for a 10% stake, and British businesswoman Amanda Staveley receiving 10% for her role in brokering the deal. PIF have assets of £250 billion, making Newcastle one of the richest clubs in the world.
Former owner Mike Ashley took over the club in 2007. Through his tenure, fans had to deal with relegation twice, the appointment of managers like Big Sam and Steve McClaren; Shocking signings like Xisco,, Siem de Jong, Emmanuel Riviere and Henri Saivet; As well as a constant lack of ambition. As of the takeover, Newcastle sits 19th in the table, above only Norwich City.
In a drastic and welcome change of tone, Amanda Staveley said: "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."
Staveley has met with manager Steve Bruce - who initially keeps his job. Bruce however told The Telegraph: "I want to continue, I'd like the chance to show the new owners what I can do, but you have to be realistic and they may well want a new manager to launch things for them. New owners normally want a new manager. I've been around long enough to understand that."
The takeover ends an 18-month deadlock after an agreement was originally reached in April 2020. However, PIF, the world's largest sovereign wealth fund failed to pass the Premier League's owners' and directors' test at the time. It resulted in a nasty legal battle, which at one point saw the Premier League reportedly threaten to throw Newcastle out of the league entirely.
Officially, the Premier League has privately indicated they are now satisfied the consortium has provided proof the Saudi state would not have control of Newcastle.
Reaction to the takeover poured in on social media. All time Premier League great, and Newcastle legend Alan Shearer said the club and the city could now dare to hope again
Current Newcastle star Alan Saint-Maximin tweeted a message for the fans:
Bars literally ran our of beer:
And the scenes outside St James' park were epic: