Newcastle United takeover: Premier League approve Saudi-backed consortium

The move will bring an end to Mike Ashley’s 14-year spell in charge of The Magpies.

The consortium is fronted by British businesswoman Amanda Staveley.

Born in Yorkshire, Staveley is known for her connections with Middle Eastern investors.

Her firm, PCP Capital Partners, acted for Sheikh Mansour of the Abu Dhabi royal family and was involved in his purchase of Manchester City in 2008.

The firm is joined by Reuben Brothers and Public Investment Fund of Saudi Arabia(PIF) in the consortium.

It is expected that the proposed move would see PIF own 80 per cent of the club, while PCP Partners and Reuben Brothers would each own ten per cent.

A £300 million deal was agreed between the consortium and Mike Ashley in April 2020.

However, the consortium withdrew after the Premier League identified the Saudi stake as a director with control over the club, which would have made it subject to the league’s owners’ and directors’ test as part of the takeover process.

Premier League statement on Newcastle United takeover

A statement from the Premier League 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.”

They added: “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.”