Saudi Arabian Consortium Finalizes Takeover of Newcastle United

Friday, 08-October-2021 19:00

The St James Park stadium where Newcastle United plays its home games.
Image : ANTARA/Reuters/LEE SMITH
The St James Park stadium where Newcastle United plays its home games.

JAKARTA, NETRALNEWS.COM - Newcastle United has been officially purchased by the Public Investment Fund, a Saudi Arabian consortium, the Premier League club said in a statement on Thursday (10/07/2021).

"Following the completion of the Premier League Owners and Directors Test, the club has been sold to the consortium with immediate effect," the Premier League said on their official website, as quoted by Reuters.

The consortium itself belongs to the Crown Prince of Saudi Arabia, Muhammad bin Salman. After failing in 2020, PIF has managed to take over the ownership of Newcastle United.

PIF had previously announced that it offered £305 million (around IDR5.9 trillion) to buy the north-eastern club from British businessman Mike Ashley on April 9, 2020.

However, the deal fell through in July 2020 amid scrutiny from the English Premier League, which has come under pressure to stop the Newcastle United takeover over concerns over alleged piracy of broadcasts in Saudi Arabia.

"The Premier League, Newcastle United, and St James Holdings Limited have today resolved a dispute over the takeover of the club by a consortium of PIF, PCP Capital Partners, and RB Sports & Media," the Premier League added.

"The legal dispute relates to which entity will own and/or have the ability to control the club after the takeover."

"The Premier League has now received a legally binding guarantee that the Kingdom of Saudi Arabia will not control Newcastle United Football Club."

The dispute involves Qatar's beIN Sports, the broadcast rights holder of the English Premier League in the Middle East, which has been banned from operating in Saudi Arabia.

Saudi Arabia lifted the ban on Wednesday to speed up the deal, as reported by Antara.

Reporter : turkhan
Editor : turkhan